Insertion of new section 44AC

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.... goods. -(1) Notwithstanding anything to the contrary contained in sections 28 to 43C, in the case of an assessee, being a person other than a public sector company (hereafter in this section referred to as the buyer), obtaining in any sale by way of auction, tender or any other mode, conducted by any other person or his agent (hereafter in this section referred to as the seller), - (a) any good....

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....fits and gains of the buyer from the business of trading in such goods chargeable to tax under the head "Profits and gains of business or profession". TABLE S.No. Nature of goods Percentage (1) (2) (3) (i) Timber obtained under a forest lease Thirty-five per cent. (ii) Timber obtained by any mode other than under a forest lease Fifteen per cent. (iii) Any other forest prod....