Dividends Declaration of Transfer to reserves of certain percentage of profits

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....red to reserves depending on the amount of dividends to be declared. The amount to be transferred is expressed as a percentage of current profits. Neither the Act nor the Rules define "current profits". Having regard to the word "current" used, it would appear that past losses are not to be deducted as required for the computation of net profits under section 349. Further, there is a controversy w....