ICDS applicability requires assessees with business or other source income to compute taxable income under notified standards. Every taxpayer earning income chargeable under the heads of Profit and gains from business or profession or Income from other sources must compute taxable income in accordance with the notified ICDS, but this requirement applies only where the assessee maintains accounts under the mercantile system of accounting.
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Provisions expressly mentioned in the judgment/order text.
ICDS applicability requires assessees with business or other source income to compute taxable income under notified standards.
Every taxpayer earning income chargeable under the heads of Profit and gains from business or profession or Income from other sources must compute taxable income in accordance with the notified ICDS, but this requirement applies only where the assessee maintains accounts under the mercantile system of accounting.
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