44BBB. Special provision for computing profits and gains of
foreign companies engaged in the business of civil construction,
etc., in certain turnkey power projects.- (1) Notwithstanding
anything to the contrary contained in sections 28 to 44AA,
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 , 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”.
(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 44AA and gets his accounts audited
and furnishes a report of such audit as required under section
44AB, 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.
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