Lower profits claim on compliance with bookkeeping and audit enables assessment under regular income assessment procedure. An amendment permits an assessee to claim lower profits and gains than the presumptive amount if the assessee keeps required books of account and other documents and furnishes the required audit report; upon that compliance the Assessing Officer shall proceed to make an assessment of the total income or loss through the regular assessment procedure and determine the sum payable by or refundable to the assessee.
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 profits claim on compliance with bookkeeping and audit enables assessment under regular income assessment procedure.
An amendment permits an assessee to claim lower profits and gains than the presumptive amount if the assessee keeps required books of account and other documents and furnishes the required audit report; upon that compliance the Assessing Officer shall proceed to make an assessment of the total income or loss through the regular assessment procedure and determine the sum payable by or refundable to the assessee.
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