16 March 2010
One My Client dealing (Retailer and whole seller) in Scrap Goods and have one cantra LPT 709 (not havey vehical) use in own business, can is attaract in us 44AE?. I Return file only on Sale amt as per u/s 44AF @5%.
16 March 2010
Section 44AE will not be applicable as your client is not in the business of hiring goods carriahe.
However the condition for applying Sec 44AF is the assesse must be in retail business. So if your client is engaged in wholesale and retail business I don't think he can take the advantage of section 44AF. Hope other experts shall express their valuable opinion.
CAclubindia
