if an assessee is showing profits under 44AD, then will the sections 40 to 43C apply to him? as the language of section 44AD reads as
" Notwithstanding anything to the contrary contained in section 28 to 43C" and not as "Notwithstanding anything contained in section 28 to 43C".
Further it is specifically said that all deduction u/s 30 to 37 are deemed to have been allowed
if the lawmakers had the intent to not apply 40 to 43C, then it would have been given specifically.
Direct tax
Monika Rajani (Senior Finance Executive) (97 Points)
12 September 2018