power to assess income on presumptive basis u/s
44BBB(1) of the Act, if assessee has maintained
books of account as prescribed ... 44BBB(2) of the
Act although books of account maintained by
assessee are not proper and do not reflect the
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section 145(3) of the Act
and invoking the provisions of section 44BBB(1), is not justified, without
appreciating the fact that the assessee ... offered as per the provisions of section 145 r.w.s.
44BBB of the I.T. Act, 1961.
3. Brief facts are assessee
offered the balance income
for taxation under the provisions of section 44BBB of the Act. He directed the assessee to
explain ... site-was taxable in India. He referred to the provisions
of section 44BBB of the act and held that it was only special provision
Central Govt., and therefore is not eligible assessee u/s
44BBB of the I.T. Act 1961.
2. Learned A.O. on the facts ... India and is eligible to get benefit under provisions of Sec. 44BBB
of the Income Tax Act, 1961 or Article
offered its income from the Anpara Power Project to tax
under Section 44BBB of the Act by taking the profit at 10% of the entire ... Assessee contended that Article 7 of the DTAA would prevail over Section
44BBB of the Act. This was negated by the AO while recording that
commissioning/testing of BTG equipment was not
eligible for taxation under section 44BBB of the Act.
2.2 That the AO has erred in facts ... India, which has already been offered to tax u/s.44BBB of the
Act.
8. Subsequently assessing officer issued notice to assessee to
show cause
applying the presumptive rate of profit @ 10% provided u/s.
44BB and 44BBB of the Income-tax Act, 1961.
2). That in the absence ... presumptive rate of profit @ 10% as provided u/s. 44BB and
44BBB of the IT act, is arbitrary, unjust
observed that the assessee had claimed applicability of the provisions of section
44BBB of the Act to the fees received from NPICL in respect ... supply contracts was
taxable in India as per the provisions of section 44BBB of the Act.
3.Before us,representatives of both the sides agreed
Profession’ gets triggered. It was submitted that, no doubt, Sections
44B , 44BB , 44BBB etc. provide for special mechanism for computing the
income in the case
assessee falls
within the ambit of specific provisions of section 44BBB of the Act. Thus,
the basic premise for initiation of revisionary proceedings is incorrect
