Income estimation for fish farming: uniform per-acre benchmarks set by committee, treated as net income with limited deductions. Where inland fresh water fish farmers do not maintain books under section 44AA, income from fish culture may be estimated on a per-acre water spread basis using uniform benchmarks set by a Committee of two Commissioners and two fish-farmer representatives with State agency inputs; such estimates are to be treated as net income with no further deductions under sections 30-38 when prescribed benchmarks are applied.
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.
Income estimation for fish farming: uniform per-acre benchmarks set by committee, treated as net income with limited deductions.
Where inland fresh water fish farmers do not maintain books under section 44AA, income from fish culture may be estimated on a per-acre water spread basis using uniform benchmarks set by a Committee of two Commissioners and two fish-farmer representatives with State agency inputs; such estimates are to be treated as net income with no further deductions under sections 30-38 when prescribed benchmarks are applied.
Full Summary is available for active users!
Note: It is a system-generated summary and is for quick reference only.
TaxTMI 
of 
Join Channel
TaxTMI 
