Transport income to be estimated using U/s 44AE as guiding yardstick: ITAT Chennai

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 ...