Lower taxable profits allowed where assessee maintains prescribed books and furnishes an audit report, enabling actual-income computation. An amendment permits an assessee to claim lower profits and gains than the presumptive amount if the assessee keeps and maintains books of account and other documents as required and obtains an audit report as required under the tax audit rules, thereby allowing computation of taxable income on actual results instead of the presumptive measure.
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.
Lower taxable profits allowed where assessee maintains prescribed books and furnishes an audit report, enabling actual-income computation.
An amendment permits an assessee to claim lower profits and gains than the presumptive amount if the assessee keeps and maintains books of account and other documents as required and obtains an audit report as required under the tax audit rules, thereby allowing computation of taxable income on actual results instead of the presumptive measure.
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