Lower profits claim under section 44BBB permitted when books are maintained and accounts audited, triggering assessment under regular procedure. An assessee under the presumptive profits regime may claim lower profits than the prescribed presumptive amount if the assessee keeps and maintains books of account as required under the bookkeeping provision and obtains an audit and audit report as required under the audit compliance requirement; upon satisfaction of these conditions the Assessing Officer shall make an assessment of the assessee's total income or loss under the regular assessment mechanism and determine the sum payable or refundable.
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 under section 44BBB permitted when books are maintained and accounts audited, triggering assessment under regular procedure.
An assessee under the presumptive profits regime may claim lower profits than the prescribed presumptive amount if the assessee keeps and maintains books of account as required under the bookkeeping provision and obtains an audit and audit report as required under the audit compliance requirement; upon satisfaction of these conditions the Assessing Officer shall make an assessment of the assessee's total income or loss under the regular assessment mechanism and determine the sum payable or refundable.
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