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TMI Blog2021 (12) TMI 138X X X X Extracts X X X X X X X X Extracts X X X X ..... e order passed in the first round was recalled and the appeal was fixed for de novo hearing on 07.10.2021. 3. The only grievance of the assessee is against the action of the Ld. CIT(A)-1, Guwahati in confirming the action of the AO in making addition of the depreciation of Rs. 16,320/- and Rs. 9,06,000/- from contract income and Tripper income respectively which was not claimed by the assessee in his return of income since assessee had shown his income under the presumptive taxation u/s. 44AD and 44AE of the Income-tax Act, 1961 (hereinafter referred to as the "Act"). 4. Brief facts of the case are that the assessee had contract income less than the threshold limit prescribed u/s. 44AD of the Act, therefore, the assessee returned net prof ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ing this aspect he drew my attention to page 13 of paper book wherein the computation of total income has been placed. From a perusal of the same, it is noted that the assessee had shown income from contract income to the tune of Rs. 2,96,665/- which was 8% of Rs. 37,08,298/- (gross receipt) (refer to page 14 of paper book) and the assessee had shown two tipper lorries for seven months u/s. 44AE of the Act i.e. Rs. 35,000 x 2 = Rs. 70,000/- And it is noted that the assessee had not claimed any depreciation from both the contract income as well as that from the tipper lorry income (refer to page 13 of paper book). Therefore, according to Ld. AR, the AO erred in adding the depreciation of Rs. 16,320/- (for the leathe machinery) as well as Rs. ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 44AE of the Act, the assessee was not eligible to claim depreciation. However, during the hearing it was brought to my notice by the Ld. AR that the assessee has not made any claim of depreciation as alleged by the AO as well as by the Ld. CIT(A). A perusal of the paper book page 13 from where computation of total income is placed it is discerned that the assessee has not claimed any depreciation on the leathe machinery and for the two tipper lorries. It is noted that the assessee in his balance sheet placed at page 14 of the paper book has reflected the depreciation on these two items, however the assessee has not claimed the depreciation while computing tax in his return since he had adopted contract income u/s. 44AD and tipper income u/s ..... X X X X Extracts X X X X X X X X Extracts X X X X
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