07 January 2010
An assesee having a goods carriage paying his Income Tax on Prsumtive basis U/s 44 AE. Now, the assessee has sold the said truck. Under what head the said income will go? whether Long Term or Short Term u/s 50 (Depreciable Asset)?
07 January 2010
U/S 50 , BECAUSE IT IS A DEPRECIABLE ASSET.FROM PERUSAL OF THE SECTION 44AE,IT IS CLEAR TAHT DEP. IS DEEMED TO HAVE BEEN ALLOWED BEFORE PREUMPTIVE EARNINGS.
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