M/S AMBIKA TRANSPORT CO. vs. INCOME TAX OFFICER,

In the result, both the appeals by the assessee are dismissed

Bench: Sh. Sanjay Arora, Hon'Ble

8 (eight) per cent. (of turnover), as prescribed u/s. 44AE of the Act, or at the higher income disclosed per the assessee’s regular accounts, which stand duly audited. On the Bench stating that the law in the matter (s.44AE) is crystal clear, prescribing adoption of the higher of the two, he would submit that there was ambiguity

M/S AMBIKA TRANSPORT CO. vs. INCOME TAX OFFICER,

In the result, both the appeals by the assessee are dismissed