TaxTMI 
TaxTMI 
2022 (9) TMI 648
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....ance of notice u/s.148 of the I.T. Act, 1961. 4. That the assessee craves leave to add, alter and amend, modify, substitute delete and /or rescind all or any of the grounds of appeal on or before the final hearing." 2. Succinctly stated, on the basis of information received by the A.O that though the assessee had made a deposit of Rs.10 lacs and above in his bank accounts but had not filed his return of income for the year under consideration his case was reopened u/s.147 of the Act. 3. During the course of assessment proceedings it was observed by the A.O that the assessee had, inter alia, claimed to have garnered income from two streams of business, viz. (i) income from the business of plying of 5 heavy goods vehicles u/s.44AE of the Act: Rs.3,50,000; (ii) income from booking of transport work u/s.44AD of the Act : Rs.85,000/-. It was further observed by the A.O that an amount of Rs.3,91,17,728/- was found deposited in the assessee's bank account during the year under consideration, viz. (i) HDFC Bank account: Rs. 3,65,62,414/-; and (ii) Punjab & Sind bank account: Rs.25,55,314/-. On being queried as regards the nature and source of deposits in his bank accounts it....
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..... AR to drive home his contentions. As stated by the ld. AR that as instructed the Grounds of appeal Nos. 1 and 3 are not being pressed, therefore, pursuant to his concession the said grounds of appeal are dismissed as not pressed. 7. Ostensibly, the assessee as per the details divulged in his income-tax return was during the year stated to have been involved in two streams of business, viz. (i). plying of five heavy goods vehicles on hire; and (ii). contract work of coal lifting. Opting for disclosing his income from both the aforesaid businesses as per the respective deeming provisions provided in the statute, viz. Section 44AD (contract work of coal lifting) and Section 44AE (business of plying of heavy goods vehicles), the assessee had shown his income at an amount higher than that contemplated in the said deeming provisions, as under : Particulars Income disclosed in return of income Deemed income from plying & hiring of five goods carriages under Section 44AE of the Income-tax Act, 1961, as under: Rs. 3,50,000/- 2 Trucks X Rs. 5,000/- p.m X 12 Months Rs. 1,20,000/- 1 Truck X Rs. 5,000/- p.m X 10 months Rs. 50,000/- 2 Trucks X Rs. 5,000/- p.m X 8 ....
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....al Transport Transporting Rs. 2,944/- Nil As per Form No. 26AS Total Rs. 3,37,28,954/- On a perusal of the aforesaid details it transpires that the assessee had during the year claimed to have garnered gross receipts of Rs.3,37,28,954/- from his aforementioned businesses, viz. (i). gross transportation receipts from plying of five heavy goods vehicles: Rs. 3,28,80,986/-; and (ii). gross receipts from coal lifting contract work: Rs. 8,47,968/-. It was the claim of the assessee before the lower authorities that out of the deposits in his bank accounts only an amount of Rs. 8,47,968/- was sourced out of his coal lifting contract work. Impliedly, the assessee had sought to relate the balance deposits of Rs. 3,82,69,760/- [Rs.3,91,17,728/- (-) Rs. 8,47,968/-] to his business of plying of five heavy goods vehicles. 10. Albeit, the assessee came forth with the bifurcated details of transportation receipts of Rs. 3,28,80,986/- (supra), but chose to remain silent and not divulge the details as regards the balance amount of Rs. 53,88,774 [Rs. 3,82,69,760/-(-)Rs. 3,28,80,986/-]. 11. Controversy involved in the present appeal hinges around the sus....
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....uch business chargeable to tax under the head "Profits and gains of business or profession" shall be an amount equal to five thousand rupees for every month or part of a month during which the heavy goods vehicle is owned by the assessee in the previous year; or an amount claimed to have been actually earned from such vehicle, whichever is higher. Also, an assessee opting for disclosing his income under the presumptive scheme of taxation is exempted from the applicability of the provisions of Sec. 44AA and Sec. 44AB of the Act. As in the case before us the income disclosed by the assessee from plying of the five heavy goods vehicles is higher than the amount computed under Sec. 44AE, therefore, as stated by the Ld. AR, and rightly so, the said deemed income had to be accepted by the AO and no adverse inferences could have been drawn on the ground that he had not maintained any books of accounts in support of the same. 14. However, the controversy involved in the present case stands on a different footing. Claim of the assessee of having garnered an amount of Rs. 3,82,69,760/- from plying of five heavy goods vehicles during the year in absence of any supporting documents was reje....
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....oresaid service recipient. On a perusal of the ledger a/c of the assessee in the books of account of M/s Coal Feeder, Raipur our doubts instead of getting scuttled are in fact further fortified. We, say so, for certain specific facts which are blatantly glaring on the very face of the aforesaid copy of ledger account that has been filed by the assessee before us. Before proceeding any further with the issue in hand we herein cull out certain extracts of the ledger account of the assessee (as appearing in the books of account of M/s Coal feeder, Raipur), as under : Date Particulars Vch. Type Vch No. Debit Credit 6-8-2010 By Transportation paid All A/c. 3143.000 MT @550 PMT. B. No. DS/10-11/001 TOWARDS D.O No.03270/89356 DT.02.06.2010 QTY.3143.000 MT Coal FROM DIPIKA TO SILTARA a/C. Sunil Sponge Pvt. Ltd. Journal 2488 17,28,650.00 By Transportation paid All A/c. 1257.000MT @550/- PMT. B. NO.DS/10-11/002 TOWARDS D.O NO.03679/89770 DT.10.06.10 QTY.1257.000 MT COAL FROM DIPIKA TO SILTARA A/C. Shri Sita Ispat Pvt. Ltd. Journal 2489 6,91,350.00 By Transportation paid All A/c. 1257.000MT @650/- PMT. B. ....
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....r consideration) was able to transport coal of the magnitude as is so claimed by him for/on behalf the aforesaid party, viz. M/s Coal feeder, Raipur. Not only the carriage of coal of the substantial magnitude (in terms of weight - as shown in the ledger account of the assessee in the books of account of M/s Coal feeder, Raipur) by the assessee using his fleet of five trucks is beyond comprehension, but in fact the small time gaps between the execution of the respective job works is beyond our understanding. Our aforesaid doubts are further fortified by the fact that in the ledger a/c of the assessee (as appearing in the books of account of M/s Coal feeder, Raipur) there is no reference about the registration numbers of the respective vehicles which are claimed to have been deployed for transporting coal on various dates spread over the year. We, thus, in the backdrop of our aforesaid serious doubts as regards the authenticity of the assessee's claim of having garnered an amount of Rs. 3,09,93,450/- on transportation of coal for/on behalf of M/s Coal feeder, Raipur restore the issue to the file of the AO. The AO shall in the course of the set-aside proceedings carry out necessary ve....