https://www.taxtmi.com/caselaws?id=786545 Where an assessee in the transport business lacked books and owned more than ten goods carriages, ITAT applied the presumptive rates under Section 44AE as a reasonable, non arbitrary guiding yardstick for estimating business income, despite Section 44AE not strictly applying; estimation must have nexus with the business and past history. The Tribunal found AO additions under Sections 68, 69 and 40(a)(ia) were not shown to be independent of the transport business and therefore were subsumed by the presumptive estimation and deleted; long term capital gains were remitted for fresh consideration. en-us Tue, 10 Feb 2026 00:00:00 +0530 Sat, 14 Feb 2026 08:29:32 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=786545 Where an assessee in the transport business lacked books and owned more than ten goods carriages, ITAT applied the presumptive rates under Section 44AE as a reasonable, non arbitrary guiding yardstick for estimating business income, despite Section 44AE not strictly applying; estimation must have nexus with the business and past history. The Tribunal found AO additions under Sections 68, 69 and 40(a)(ia) were not shown to be independent of the transport business and therefore were subsumed by the presumptive estimation and deleted; long term capital gains were remitted for fresh consideration. Case-Laws Income Tax Tue, 10 Feb 2026 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=786545