2004 (9) TMI 338

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..... Shri D.R. Zala was present on behalf of the Department. 3. The facts in brief are that the assessee is an individual deriving income from plying of trucks. In addition to the above, the assessee also derived income from running of taxi car and house property. The assessee filed return of income for the previous year ended on 31st March, 1994, declaring an income of Rs. 46,750 from all the source .....

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..... ture incurred by the assessee. So, in our considered opinion, no such addition can be made separately on account of sale proceeds of the scraps because the profit has not been estimated on the basis of receipt and expenditure. The receipt from scrap is the outcome of expenditure debited from P L a/c. The receipt cannot be separately considered as it is not a separate source of income. Consequently .....

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