{"act":{"id":"finance-act-2003","short_title":"The Finance Act, 2003","long_title":"An Act to give effect to the financial proposals of the Central Government for the financial year 2003-2004.","act_number":null,"act_year":2003,"enact_date":null,"enforcement_date":null,"ministry":"Ministry of Finance","department":"Department of Revenue","jurisdiction":"CENTRAL","unit":"section","section_count":108,"in_force":true,"spent":false,"spent_note":null,"duplicate_of":null,"text_source":"published","scan_url":null,"url":"https://indiacode.ecourtsindia.com/finance-act-2003/"},"unit":"section","section":{"number":"26","heading":"Amendment of section 44BBB","text":"Amendment of section 44BBB. 26. In section 44BBB of the Income-tax Act, with effect from the 1st day of April, 2004,— (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 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.\". © Copyright. Taxmann Publications Pvt. Ltd.","html":"<p><b>Amendment of section 44BBB.</b></p><p><b>26.</b> In section 44BBB of the Income-tax Act, with effect from the 1st day of April, 2004,—</p><p>(<i>a</i> ) 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;</p><p>(<i>b</i> ) after sub-section (1) as so numbered, the following sub-section shall be inserted, namely:—</p><p>\"(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.\".</p><p>© Copyright. Taxmann Publications Pvt. Ltd.</p>","words":171,"text_source":"published"},"classification":[],"instruments":[],"judgments":[],"corresponds_to":[],"url":"https://indiacode.ecourtsindia.com/finance-act-2003/section/26/","note":null,"source_note":"Harvested from the Income Tax Department's own portal at incometaxindia.gov.in, which publishes the Finance Acts section by section. India Code carries none of them: its Central community holds the Acts that stand as general law, and a Finance Act is an amending and rate-fixing instrument.","judgments_note":"Judgment holdings are the ratio decidendi as extracted from the order by eCourts India, reproduced unaltered. Reported judgments only.","licence":"Published with commentary and other original matter under s.52(1)(q)(ii), Copyright Act 1957."}