1892/1992

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..... o the contrary contained in sections 28 to 43 C would be confined to the limited purpose of sustaining the tax collection at source provided for in section 206C. It was further held that after the tax is collected in the manner provided in section 206C, a regular assessment would be made in accordance with sections 28 to 43C. It was concluded that, read down in this manner, section 44AC does not s .....

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..... as decided that the assessment is not to be made on the basis of presumptive rate of profit specified in section 44AC, the assessment order u/s.143(3) may be passed on the following lines: "According to the I.T.Act, income in this case was to be computed by applying the presumptive rate of profit specified in section 44AC. However, the Hon'ble High court has held in the case of....... that the in .....

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..... the extended time for completion of assessment under Explanation I(ii) to section 153(3) will be available only in cases where the stay is in respect of assessment proceedings and not in respect of operation of section 44AC. 6. These instructions would be applicable only for completion of time-barring assessments as efforts are being made to get a stay order/decision in the matter from the Suprem .....

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