44BBB. [ Special provision for computing profits and gains of foreign companies engaged in the business of civil construction, etc., in certain turnkey power projects. [Inserted by Act 13 of 1989, Section 10 (w.e.f. 1.4.1990).]
- ] [Inserted by Act 11 of 1987, Section 11 (w.r.e.f. 1.4.1983).][(1)] [ Section 44-BBB renumbered as sub-Section (1) thereof and sub-Section (2) inserted by Act 32 of 2003, Section 26 (w.e.f. 1.4.2004).][Notwithstanding anything to the contrary contained in sections 28 to 44-AA, in the case of an assessee, being a foreign company, engaged in the business of civil construction or the business of erection of plant or machinery or testing or commissioning thereof, in connection with a turnkey power project approved by the Central Government in this behalf ] [Inserted by Act 13 of 1989, Section 10 (w.e.f. 1.4.1990).][* * *] [ Certain words omitted by Act 32 of 2003, Section 26 (w.e.f. 1.4.2004).][, a sum equal to ten per cent. of the amount paid or payable (whether in or out of India) to the said assessee or to any person on his behalf on account of such civil construction, erection, testing or commissioning shall be deemed to be the profits and gains of such business chargeable to tax under the head "Profits and gains of business or profession".] [Inserted by Act 13 of 1989, Section 10 (w.e.f. 1.4.1990).](2)[ 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.] [ Section 44-BBB renumbered as sub-Section (1) thereof and sub-Section (2) inserted by Act 32 of 2003, Section 26 (w.e.f. 1.4.2004).]
