Sec. 44BBA – Assessee can declare less than presumptive income by producing books of Accounts

Brief of the Case Delhi High Court held In the case of DIT vs. Royal Jordanian Airlines that section 44BBA is not charging provision, but only a machinery provision; it cannot preclude an Assesses from producing books of accounts to show that in any particular AY there is no taxable income. In other words, the Court concurs with a view that where there is no income, Section 44BBA cannot be applied to bring to tax the presumptive income constituting 5% of the gross receipts in terms of Section 44BBA(2). No doubt, for that purpose the Assessee has to produce books of accounts to substantiate tha...