In case of amalgamation, the general reserve in the balance sheet of amalgamated coming on account of revaluation of assets of amalgamating company, cannot be said to be created out of appropriation of profits or debit in profit and loss account. Therefore, the amount which was never routed through or debited to profit & loss account, could not be considered for purpose of determination of book profits under clause (b) of Explanation 1 to section 115JB - ITO v. UNITED ESTATE (P.) LTD. [2012] 20
No comments:
Post a Comment