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 ... Summary
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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