1986 (2) TMI 126

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

..... In respect of AAV 5265 which was plied for 10 months, the assessee had shown the income at Rs. 11,000 which was estimated at Rs. 30,000 by the ITO but was reduced to Rs. 25,000 by the AAC. In respect of AAV 6291 which was plied for the full year the assessee had shown an income of Rs. 11,000 against which the ITO estimated it at Rs. 36,000 which was reduced to Rs. 30,000 by the AAC. In respect o....

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....d the income estimated by the AAC. 3. We have considered the rival submissions. Taking into account the income estimated by the Tribunal for the asst. yr. 1980-81 in its order dt. 26th Nov., 1984 in ITA No. 310/Hyd/1984 in the assessee's case we estimated the income from lorry AAV 5265 at Rs. 18,000. But in respect of lorry AAV 6291 and AAG 157 we do not find any ground to interfere with the in....

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....C upheld the same. 5. The ld. counsel for the assessee strongly urged that the sum of Rs. 14,949 received from the Insurance Co. cannot be taken into account while computing the profit under s. 41(2). Thus he urged that the profit returned by the assessee under s. 41(2) at Rs. 4,235 was correct. The ld. Departmental Representative submitted that the insurance amount of Rs. 14,949 has been right....

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

.... in which the money payable for the building, machinery, plant or furniture became due." Under the above provision, if the sale value exceeds the written down value so much of the excess as does not exceed the difference between the actual cost and the written down value shall be chargeable to income-tax as income of the business or profession of the previous year in which the money payable bec....