https://www.taxtmi.com/caselaws?id=7629 Section 23A(1) of the Indian Income-tax Act, 1922 applies by reference to a company's commercial or accounting profits, not merely its assessable income. Concealed receipts omitted from the books nevertheless form part of real commercial profits, because they cannot be excluded from the prudent businessman's overall view of financial position. The provision must be applied on that commercial basis, and even on the assessee's depreciation claim in full, the Tribunal found sufficient distributable profits to justify section 23A(1). The reference was answered in favour of the Revenue. en-us Mon, 11 Mar 1968 00:00:00 +0530 Thu, 05 Mar 2009 16:17:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=7629 Section 23A(1) of the Indian Income-tax Act, 1922 applies by reference to a company's commercial or accounting profits, not merely its assessable income. Concealed receipts omitted from the books nevertheless form part of real commercial profits, because they cannot be excluded from the prudent businessman's overall view of financial position. The provision must be applied on that commercial basis, and even on the assessee's depreciation claim in full, the Tribunal found sufficient distributable profits to justify section 23A(1). The reference was answered in favour of the Revenue. Case-Laws Income Tax Mon, 11 Mar 1968 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=7629