Reserve-account adjustments under export-profit rules clarified; Section amended to exclude electricity companies and add debit/credit treatment. Amendments exclude electricity companies from the provision; revise the Explanation to except export-profit reserves and to add treatment for amounts withdrawn from or credited to the export reserve when not used or unutilised within the statutory period; redraft debit/credit adjustment language for consistency; and require that profits attributable to businesses eligible for export-profit deductions be computed by increasing net profit by specified items and reducing it by specified deductions in the manner prescribed in the export-profit deduction rules.
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Reserve-account adjustments under export-profit rules clarified; Section amended to exclude electricity companies and add debit/credit treatment.
Amendments exclude electricity companies from the provision; revise the Explanation to except export-profit reserves and to add treatment for amounts withdrawn from or credited to the export reserve when not used or unutilised within the statutory period; redraft debit/credit adjustment language for consistency; and require that profits attributable to businesses eligible for export-profit deductions be computed by increasing net profit by specified items and reducing it by specified deductions in the manner prescribed in the export-profit deduction rules.
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