Chapter XII-DASPECIAL PROVISIONS RELATING TO TAX ON DISTRIBUTED INCOME OF DOMESTIC COMPANY FOR BUY-BACK OF SHARES (From Section 115QA to Section 115QC )
Part CProcedure for filing of return in respect of fringe benefits, assessment and payment of tax in respect thereof (From Section 115WD to Section 115WM )
Chapter XX-BREQUIREMENT AS TO MODE OF ACCEPTANCE, PAYMENT OR REPAYMENT IN CERTAIN CASES TO COUNTERACT EVASION OF TAX (From Section 269SS to Section 269TT )
Section 44BBB - Special provision for computing profits and gains of foreign companies engaged in the business of civil construction, etc., in certain turnkey power projects
Income-tax Act, 1961 Part D Profits and gains of business or profession
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Deemed profits rule for foreign companies in turnkey power projects treats a portion of project receipts as taxable business income. A specified portion of amounts paid or payable to a foreign company for civil construction, erection, testing or commissioning in approved turnkey power ... Summary
Cases where this provision is explicitly mentioned in the judgment/order text; may not be exhaustive. To view the complete list of cases mentioning this section, Click here.
Deemed profits rule for foreign companies in turnkey power projects treats a portion of project receipts as taxable business income.
A specified portion of amounts paid or payable to a foreign company for civil construction, erection, testing or commissioning in approved turnkey power projects is deemed to be profits chargeable as business income; the assessee may instead maintain prescribed books and obtain an audit to claim lower actual profits, and if deemed profits are declared no set-off of unabsorbed depreciation or brought-forward loss is allowed for that year.
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