Insolvency petition based on admitted debt and default upheld; challenge for malicious initiation rejected, settlement may proceed under resolution fr...
Quashing of FIR and challenge to ECIR over alleged diversion of funds and preferential ESOP pricing dismissed after prima facie money-laundering findi...
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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