Shyam is owner of a goods transport company. During the previous year, he used two light commercial vehicles for 8 months 3 days and one heavy commercial vehicle for 6 months. In addition, he possesses 4 heavy vehicles t

Shyam is owner of a goods transport company. During the previous year, he used two light commercial vehicles for 8 months 3 days and one heavy commercial vehicle for 6 months. In addition, he possesses 4 heavy vehicles throughout the year. His receipts from freight were ₹13,00,000 and his operating expenses were ₹9,70,000 including ₹2,50,000 for depreciation. As per income-tax rules, depreciation allowable was ₹2,80,000. Whether Shyam should opt for the presumptive profit under section 44AE?