Deductibility for charitable donations affirmed where payments to approved relief funds, even if CSR-driven, qualify under the donation deduction sche...
Mis-declaration in import descriptions must be deliberate to justify confiscation; withheld contemporaneous import documents invalidate value redeterm...
Liability for EPCG export shortfall: duty and interest sustained, but confiscation and penalties quashed where no fraud and causes beyond importer con...
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The note clarifies interaction between presumptive taxation and a deeming provision: Section 44AD's presumptive scheme, when accepted, displaces normal profit computation by deeming profits as a percentage of total turnover or gross receipts; section 43CA substitutes stamp duty value for stated consideration for transfers of land/building held as stock-in-trade. Where both apply, section 43CA may only adjust the turnover base for section 44AD but cannot be invoked to create a separate addition of the differential amount after presumptive profits are accepted. An independent 43CA addition causes double taxation; Revenue must first negate 44AD applicability before applying normal provisions.
The note clarifies interaction between presumptive taxation and a deeming provision: Section 44AD's presumptive scheme, when accepted, displaces normal profit computation by deeming profits as a percentage of total turnover or gross receipts; section 43CA substitutes stamp duty value for stated consideration for transfers of land/building held as stock-in-trade. Where both apply, section 43CA may only adjust the turnover base for section 44AD but cannot be invoked to create a separate addition of the differential amount after presumptive profits are accepted. An independent 43CA addition causes double taxation; Revenue must first negate 44AD applicability before applying normal provisions.
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