1997 (1) TMI 22

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..... s on admission. By this petition, the petitioner challenges the vires of section 44AD of the Income-tax Act and Circular No. 737 dated February 23, 1996, issued by the Central Board of Direct Taxes and seeks certain consequential reliefs. Learned counsel for the petitioner submits that section 44AD, which raises a presumption of gross profits at the rate specified therein in respect of an asse .....

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..... the sum payable by the assessee on the basis of assessment made under sub-section (3) of section 143. Furthermore, section 40(b) does not provide for any deduction, as it is restrictive in nature. If any deduction is allowable, it is to be allowed under any other provision not under section 40(b). Learned counsel for the petitioner submits that the case of the petitioner was covered under sub-sect .....

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