https://www.taxtmi.com/acts?id=3596 A specified portion of amounts paid or payable to a foreign company for civil construction, erection, testing or commissioning in approved turnkey power projects is deemed to be profits chargeable as business income; the assessee may instead maintain prescribed books and obtain an audit to claim lower actual profits, and if deemed profits are declared no set-off of unabsorbed depreciation or brought-forward loss is allowed for that year. en-us Sat, 19 Jan 2008 22:45:54 +0530 Wed, 27 Aug 2025 17:59:50 +0530 TaxTMI RSS Generator https://www.taxtmi.com/acts?id=3596 A specified portion of amounts paid or payable to a foreign company for civil construction, erection, testing or commissioning in approved turnkey power projects is deemed to be profits chargeable as business income; the assessee may instead maintain prescribed books and obtain an audit to claim lower actual profits, and if deemed profits are declared no set-off of unabsorbed depreciation or brought-forward loss is allowed for that year. Act-Rules Income Tax Sat, 19 Jan 2008 22:45:54 +0530 https://www.taxtmi.com/acts?id=3596