Special provision for computing profits treats a fixed portion of purchase price as taxable business income for specified goods. Special provision establishes a method of computing profits for buyers (other than public sector companies) acquiring certain goods by auction, tender or other modes, by deeming a specified percentage of the purchase price as profits chargeable under 'Profits and gains of business or profession' for alcoholic liquor (excluding Indian made foreign liquor) and specified forest products; it excludes buyers in further resale from certain sellers and prescribes allocation of expenses to other businesses by turnover proportion when separate accounts are not maintained.
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.
Provisions expressly mentioned in the judgment/order text.
Special provision for computing profits treats a fixed portion of purchase price as taxable business income for specified goods.
Special provision establishes a method of computing profits for buyers (other than public sector companies) acquiring certain goods by auction, tender or other modes, by deeming a specified percentage of the purchase price as profits chargeable under "Profits and gains of business or profession" for alcoholic liquor (excluding Indian made foreign liquor) and specified forest products; it excludes buyers in further resale from certain sellers and prescribes allocation of expenses to other businesses by turnover proportion when separate accounts are not maintained.
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