2004 (12) TMI 313

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....relevant assessment years are 1995-96 and 1996-97. The common grounds raised by the Revenue are as follows: "1. The learned CIT (Appeals) erred in holding that the Assessing Officer ought to have verified the accounts maintained by the assessee in respect of the New lorry KL-11C-3654 and in directing the Assessing Officer to accept the income of that lorry on the basis of accounts maintained by t....

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....orry business, the income from lorry receipts was rightly computed invoking the provisions of section 44AE." 2. There is a delay of 8 days in filing these appeals. We are satisfied that the delay was caused for valid reasons. Therefore, the delay is condoned and the appeals are admitted. 3. The issue involved is whether the income from a new lorry purchased by the assessee should be assessed und....

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....s and to allow depreciation thereon. The Revenue is aggrieved and therefore these appeals before us. 7. The provisions under section 44AE are special provisions for computing profits and gains of business of plying, hiring or leasing goods carriages. A scheme of compounding of income is provided therein. An amount of Rs. 2,000 per month per lorry is presumptively determined as the income of the a....

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....e assessee form part of the said business and the tax treatment of all those lorries need to be on a uniform manner. 9. The claim made by the assessee in the present case against the central theme of section 44AE as explained in the above paragraph. As far as the old two lorries are concerned, the assessee wanted the income to be estimated under section 44AE. This is because there cannot be much ....