definition of accumulated profits
This query is : Resolved
06 September 2009
dear sir nd frndz ,
does securities premium form part of accumulated profits 4 analysing sec 2(22)(e)?
does securities premium form part of accumulated profits 4 analysing sec 2(22)(e)?
06 September 2009
Yes, securities preium forms part of accumulated profits.
06 September 2009
yes
06 September 2009
The term used in section 2(22)(e) is accumulated profits and is defined all the profits of the company. Also it has been held in DCIT v/s MAIPO India Ltd. 116 TTJ 791 (Del), 24 SOT 42 that amount of securities premium cannot form part of accumulated profits.
So i beg to differ from both the experts.
So i beg to differ from both the experts.
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