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Transport income to be estimated using U/s 44AE as guiding yardstick: ITAT Chennai
Case Law Details
- Case Name
- Thiruvengatam Vinayagam Vs ITO (ITAT Chennai)
- Appeal Number
- Only available for paid members
- Date of Judgement/Order
- Only available for paid members
- Related Assessment Year
- 2016-17
- Courts
- All ITAT, ITAT Chennai
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Thiruvengatam Vinayagam Vs ITO (ITAT Chennai)
Transport income to be estimated using U/s 44AE as guiding yardstick – Multiple additions deleted; matter partly remanded – ITAT Chennai
In Thiruvengatam Vinayagam vs ITO (A.Y. 2016-17), the assessee, engaged in lorry transport business owning more than ten trucks, faced several additions after special audit u/s 142(2A), including LTCG, unexplained credits u/s 68, investments u/s 69 and disallowances u/s 40(a)(ia), resulting in assessed income of ₹1.51 crore against returned income of ₹8.30 lakh.
The ITAT noted that books and vouchers were ...
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