Undistributed Profits in P.E. Not Taxable Income Under Income-tax Act; Actual Income Required for Taxation.

Undistributed Profits in P.E. Not Taxable Income Under Income-tax Act; Actual Income Required for Taxation. https://www.taxtmi.com/highlights?id=27947 Obviously, the undistributed share of profit reflected in the books of P.E. cannot be said to partake the character of income under the provisions of the Income-tax Act. It is settled position that accounting entries are not determinative of taxability under the Income-tax Act and further only the real income can be brought to the charge of tax. - AT en-us Sat, 12 Mar 2016 11:31:26 +0530 Sat, 12 Mar 2016 11:31:26 +0530 TaxTMI RSS Generator Undistributed Profits in P.E. Not Taxable Income Under Income-tax Act; Actual Income Required for Taxation. https://www.taxtmi.com/highlights?id=27947 Obviously, the undistributed share of profit reflected in the books of P.E. cannot be said to partake the character of income under the provisions of the Income-tax Act. It is settled position that accounting entries are not determinative of taxability under the Income-tax Act and further only the real income can be brought to the charge of tax. - AT Highlights Income Tax Sat, 12 Mar 2016 11:31:26 +0530 https://www.taxtmi.com/highlights?id=27947