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<h1>Deemed profits rule for foreign companies in turnkey power projects treats a portion of project receipts as taxable business income.</h1> 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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