If once income is already assessed by AO u/s. 44AE no separate addition to income can be made

Brief Facts of the Case The assessee is engaged in carrying on transport business in the name of M/s.Chandan Carrier. On enquiry, the AO found that Shri Nilesh Shah, owner of the M/s Nilesh Shah, did not own any truck for its transportation business. The business premise of Shri Nilesh Shah was owned by Shri Hasmukh M. Shah, father of the assessee, for which no rent was paid by M/s. Chandan Carrier. Further inquiry from HDFC Bank revealed that the assessee was the authorized signatory, power of attorney holder and mandate holder in the case of M/s. Chandan Carrier. The business activity of M...