Religious purpose exclusion versus charitable purpose: non overriding religious objects do not attract Explanation 3, registration directed under sect...
Search-assessment proviso jurisdiction, time-barred valuation reports, and denial of cross-examination vitiate valuation-based and confession-based ad...
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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