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TMI BlogSpecial provision for computing profits and gains of business of plying, hiring or leasing goods carriagesX X X X Extracts X X X X X X X X Extracts X X X X ..... the aggregate of the profits and gains, from all the goods carriages owned by him in the previous year, computed in accordance with the provisions of sub-section (2). 10 [ (2) For the purposes of sub-section (1), the profits and gains from each goods carriage,- (i) being a heavy goods vehicle, shall be an amount equal to one thousand rupees per ton of gross vehicle weight or unladen weight, as the case may be, for every month or part of a month during which the heavy goods vehicle is owned by the assessee in the previous year or an amount claimed to have been actually earned from such vehicle, whichever is higher; (ii) other than heavy goods vehicle, shall be an amount equal to seven thousand five hundred rupees for every month ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... o the assessment year commencing on the 1st day of April, 1997 or any earlier assessment year, are lower than the profits and gains specified in sub-sections (1) and (2), and thereupon the Assessing Officer shall proceed to make an assessment of the total income or loss of the assessee and determine the sum payable by the assessee on the basis of assessment made under sub-section (3) of section 143. ] 6 [ (7) Notwithstanding anything contained in the foregoing provisions of this section, an assessee may claim lower profits and gains than the profits and gains specified in sub-sections (1) and (2), if he keeps and maintains such books of account and other documents as required under sub-section (2) of section 44AA and gets his accounts ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... Inserted by the Finance Act, 1999, w.r.e.f. 1-4-1998. 7. Substituted vide Finance (No. 2) Act, 2009 with effect from 1-4-2011, before it was read as, (2) For the purposes of sub-section (1), the profits and gains from each goods carriage,- ( i ) being a heavy goods vehicle, shall be an amount equal to 2 [ three thousand five hundred ] rupees for every month or part of a month during which the heavy goods vehicle is owned by the assessee in the previous year or, as the case may be, an amount higher than the aforesaid amount as declared by him in his return of income; ( ii ) other than a heavy goods vehicle, shall be an amount equal to 3 [ three thousand one hundred and fifty ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... CE ACT, 2018 w.e.f. 1st day of April, 2019, before it was read as, 8 [ (2) For the purpose of sub-section (1), the profits and gains from each goods carriage shall be an amount equal to seven thousand five hundred rupees for every month or part of a month during which the goods carriage is owned by the assessee in the previous year or an amount claimed to have been actually earned from the vehicle, whichever is higher. ] 11. Substituted vide THE FINANCE ACT, 2018 w.e.f. 1st day of April, 2019, before it was read as, 9 [ (a) the expression goods carriage shall have the meaning assigned to it in section 2 of the Motor Vehicles Act, 1988;[ 59 of 1988] ] - - s ..... X X X X Extracts X X X X X X X X Extracts X X X X
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