2010 (1) TMI 1190

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..... SHAH,AM These cross-appeals by assessee and by revenue are directed against the order of the learned CIT(A)-V, Surat dated 22.5.2007 in an appeal against the assessment framed u/s 143(3) of the Income Tax Act, 1961 (in short the Act). For the sake of convenience, these appeals were heard together and are being decided by this common order. 2.The assessee firm is engaged in the business of ....

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....ess and due to nonproduction ofvouchers disallowed various expenses. Asregards cartingbusiness,gross receiptswereestimatedtobeat Rs. 24.85 lakhs onthe basis of number of tripsthatcould havebeen undertaken. However, as regards turnover in trading business the same was accepted as such. After estimating the gross receipts from carting business (transport) and due to disallowance of various expense, ....

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....l or arbitrary. When the statutory provisions itself provides as to how the income should be estimated no other estimate by either party will prevail. We find that the assessee is engaged in the business of transport of material. The income from such business can be estimated on the basis of provisions of section 44AE of the Act. We find that the assessee is owning maximum four trucks at any time ....