Dismissing the appeal of the revenue the Tribunal held that when assessee maintained proper books of accounts audited u/s 44AA and 44AB, tax is to be levied in conformity of harmonious reading of S. 2(45), 4, 5 rwss 28 to 43A by way of regular assessment like any other Indian company. AO cannot thrust upon the assessee applicability of presumptive taxation. (AY. 2009-10)
ADIT(IT) v. Shandong Tiejun Electric Power Engineering Co. Ltd. (2018) 193 TTJ 483 (Ahd.)(Trib.)
S. 44BBB : Foreign companies-Civil construction-Turnkey power projects -Books of account maintained–Applicability of presumptive taxation cannot be thrust upon the assessee.[ S.44AA, 44AB, 44BBB,145 (3)]