9911796707
TMI Blog1979 (1) TMI 248X X X X Extracts X X X X X X X X Extracts X X X X ..... 6. Net profit, subject to depreciation, as per accounts was ₹ 55,903. After deducting profit from truck, the balance was ₹ 45,216 which worked out to 16%. The assessee had declared the seam rate of profit in the immediately preceding assessment year. In that year an addition of ₹ 4,000 was made which was accepted. ITO, therefore, felt that a similar addition was called for in this assessment year also. It, more over, noticed that the assessee did ton account for the shortage properly. Certain discrepancies were noticed in the payment made to labour. For these reasons addition of ₹ 4,000 was made. The ld. AAC confirmed the addition considering the assessee's past history. The ld. Counsel for the assessee has furni ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... authority of which the assessee could not only efficiently ply the truck and appoint Shi own agents, employees and workmen etc. Appear before the various government Departments in connection with the truck, apply for renewal or transfer of permit etc. But could also sell, mortgage, hypothecate or otherwise alienate the said truck to nay person activity any price he deemed fit. The assessee was also authorised by the seam power of Attorney to enter into hir-purchas e agreement in respect of the said truck and also to effectuate insurance. The assessee was also authorised to receive compensation format he government, if any, on the nationalisation of the route. Sri Dwarka Singh also stated that every Act or thing done by the assessee in resp ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... In that case the assessee was using for the purpose of its profession a car which was registered in the name of one Shri Shivarama Reddi. Dealign with the question of ownership for the purpose of depreciation, the Tribunal observed : It is an admitted fact that the registration certificate stood in the name of Shri Shirvarama Reedy and not the assessee. However, is there any material to hold that the assessee can be treated as the owner? The pleas in favour of assessee are that (1) the assessee had paid the instalments to Sundaram Finance, Madras, (ii) the appeal to Assistant Commissioner had allowed interest on the instalments, and (iii) though by law the transfer is prohibited, it prohibits the seller from selling and d ..... X X X X Extracts X X X X X X X X Extracts X X X X
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