Presumptive taxation: taxpayer may present evidence to secure assessment on actual income rather than presumptive income. Where the assessee claims and produces evidence that the profits and gains from the specified business are lower than the presumptive amounts, the Assessing Officer shall proceed to make an assessment of the total income or loss of the assessee and determine the sum payable on the basis of assessment made under the assessment procedure for returned income.
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.
Presumptive taxation: taxpayer may present evidence to secure assessment on actual income rather than presumptive income.
Where the assessee claims and produces evidence that the profits and gains from the specified business are lower than the presumptive amounts, the Assessing Officer shall proceed to make an assessment of the total income or loss of the assessee and determine the sum payable on the basis of assessment made under the assessment procedure for returned income.
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