(3)[ Notwithstanding anything contained in sub-section (1), an assessee may claim lower profits and gains than the profits and gains specified in that sub-section, if he keeps and maintains such books of account and other documents as required under sub-section (2) of section 44-AA and gets his accounts audited and furnishes a report of such audit as required under section 44-AB, and thereupon the Assessing Officer shall proceed to make an assessment of the total income or loss of the assessee under sub-section (3) of section 143 and determine the sum payable by, or refundable to, the assessee.] [ Inserted by Act 32 of 2003, Section 25 (w.e.f. 1.4.2004).][Explanation. - For the purposes of this section,-(i)"plant" includes ships, aircraft, vehicles, drilling units, scientific apparatus and equipment, used for the purposes of the said business;(ii)"mineral oil" includes petroleum and natural gas.]
