https://www.taxtmi.com/caselaws?id=56982 The Supreme Court upheld the validity of sections 44AC and 206C but deemed the denial of reliefs under sections 28 to 43C to trades specified in section 44AC as unreasonable. It emphasized that section 44AC did not eliminate the need for regular assessment under sections 28 to 43C. The Court supported the direction to recompute taxable income based on section 44AC and sections 28 to 43C, ultimately leading to the dismissal of the assessee's appeal against the CIT's order under section 263. en-us Tue, 18 Mar 1997 00:00:00 +0530 Tue, 07 Dec 2010 16:28:46 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=56982 The Supreme Court upheld the validity of sections 44AC and 206C but deemed the denial of reliefs under sections 28 to 43C to trades specified in section 44AC as unreasonable. It emphasized that section 44AC did not eliminate the need for regular assessment under sections 28 to 43C. The Court supported the direction to recompute taxable income based on section 44AC and sections 28 to 43C, ultimately leading to the dismissal of the assessee's appeal against the CIT's order under section 263. Case-Laws Income Tax Tue, 18 Mar 1997 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=56982