- In section 44AF of the Income-tax Act, after sub-section (4), the following subsection shall be inserted and shall be deemed to have been inserted with effect from the 1st day of April, 1998, namely:-"(5) Notwithstanding anything contained in the foregoing provisions of this section, an assessee may claim lower profits and gains than the profits and gains specified in subsection (1), if he keeps and maintains such books of account and other documents as required under sub-section (2) of section 44AA and gets his accounts audited and furnishes a report of such audit as required under section 44AB.".
