9911796707
TMI Blog1986 (2) TMI 106X X X X Extracts X X X X X X X X Extracts X X X X ..... 1(2) of the IT Act, 1961. Truck was purchased by the assessee in 1973 for Rs. 11,000 and was sold at the same price on the date falling in the instant assessment year. The ITO computed the written down value of the truck at Rs. 5,490 and, as such, assessed the profits under s. 41(2) at Rs. 5,881. Stand of the assessee in appeal before the AAC was that depreciation was actually allowed only in the ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... reciation on the said truck. Thus, profit under s. 41(2) of the Act should be Rs. 2,471. Order of the AAC, is therefore, modified to the extent that profit under s. 41(2) shall be taken at Rs. 2,471 instead of Rs. 2,310. 4. The second issue is regarding investment made by the assessee in purchasing a new truck during the period relevant to the assessment year under appeal. The assessee made dep ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... essee as to the source of those deposits. He, therefore, deleted the addition. 6. After hearing the ld. Representatives of the parties we find that the order of the AAC does not require interference. At the outset, it does appear odd as to how only within a span of five months the past savings of assessee to the extent of Rs. 43,500 came out and were deposited in the bank, particularly at the j ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 1974-75 and in the beginning of that assessment she had some capital. Her husband has separate income from which the household expenditure was net with. The entire income of the assessee, therefore, was the saving. In this view of the matter, we endorse the finding of the AAC. The source of deposit in the bank was satisfactorily explained by the assessee. 7. In the result, the appeal is partly ..... X X X X Extracts X X X X X X X X Extracts X X X X
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