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TypeBare Act JurisdictionCentral Government

Finance Act, 2003 Section 26

AMENDMENT OF SECTION 44BBB In section 44BBB of the Income tax Act,-with effect from the 1 st day of April, 2004

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https://sooperkanoon.com/act/250388

Bare act section · Research

About this section

Finance Act, 2003 Section 26 is part of Finance Act, 2003 - AMENDMENT OF SECTION 44BBB In section 44BBB of the Income tax Act,-with effect from the 1 st day of April, 2004. Read the section text below and explore Indian court judgments that cite it.

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Section Text

a) the existing section shall be numbered as sub-section (1) thereof and in sub-section (1) as so numbered, the words "and financed under any international aid programme" shall be omitted;

(b) after sub-section (1) as so numbered, the following sub-section shall be inserted, namely:- "(2) Notwithstanding any thing 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.".

Frequently asked questions

What does Finance Act, 2003 Section 26 provide?

Section Section 26 of the Finance Act, 2003 (AMENDMENT OF SECTION 44BBB In section 44BBB of the Income tax Act,-with effect from the 1 st day of April, 2004) is reproduced on this page as part of the Finance Act, 2003. Lawyers and researchers use it to read the statutory wording before checking how courts have applied this section in reported judgments.

How do I find judgments on Finance Act, 2003 Section 26?

Open “Find citing judgments” on this page to search Supreme Court, High Court, and tribunal decisions that reference Finance Act, 2003 Section 26. Advanced act search can narrow results by court, year, or additional act filters.

Is the section text on SooperKanoon official?

SooperKanoon hosts bare act text for research and quick reference. For filings or compliance in Central, confirm the wording against the official state gazette or authorized publication.

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