1979 (6) TMI 66

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....tation of profit under s. 41(2) of the IT Act. 2. In the assessment order the ITO worked out the profit of the assessee under s. 41(2) of the Act at Rs. 35,600 on the sale of the truck ASW 121. The sale price was for Rs. 42,500. He adopted the W.D.V. at Rs. 6,900. 3. Before the AAC the assessee contended that the cost of the truck and the WDV therefore should be ascertained on the basis of t....

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....stored. 5. On behalf of the assessee, it is submitted that it is clear from the assessment orders that the ITO completed the assessments under s. 143(1) for the asst. yrs. 1973-74, 1974-75 and 1975-76 on the basis of the returns filed by the assessee on 5th Sept., 1975 for all the three years and that in the returns no depreciation was claimed. It is urged that in computing the income or profit....