9911796707
TMI Blog1986 (2) TMI 126X X X X Extracts X X X X X X X X Extracts X X X X ..... come at Rs. 11,000 which was estimated at Rs. 30,000 by the ITO but was reduced to Rs. 25,000 by the AAC. In respect of AAV 6291 which was plied for the full year the assessee had shown an income of Rs. 11,000 against which the ITO estimated it at Rs. 36,000 which was reduced to Rs. 30,000 by the AAC. In respect of AAG 157 which was run for 8 months the assessee had shown the income at Rs. 7,000 a ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ng into account the income estimated by the Tribunal for the asst. yr. 1980-81 in its order dt. 26th Nov., 1984 in ITA No. 310/Hyd/1984 in the assessee s case we estimated the income from lorry AAV 5265 at Rs. 18,000. But in respect of lorry AAV 6291 and AAG 157 we do not find any ground to interfere with the income estimated by the AAC at Rs. 30,000 and 8,000 respectively which is in confirmation ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... Rs. 14,949 received from the Insurance Co. cannot be taken into account while computing the profit under s. 41(2). Thus he urged that the profit returned by the assessee under s. 41(2) at Rs. 4,235 was correct. The ld. Departmental Representative submitted that the insurance amount of Rs. 14,949 has been rightly taken for computing the profit under s. 41(2). In this connection he relied on the Com ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... Under the above provision, if the sale value exceeds the written down value so much of the excess as does not exceed the difference between the actual cost and the written down value shall be chargeable to income-tax as income of the business or profession of the previous year in which the money payable became due. A clear reading of the above provision indicates that the insurance amount received ..... X X X X Extracts X X X X X X X X Extracts X X X X
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