Case Law Details
Case Name : Sarda Gums & Chemicals F-54 Vs ACIT (ITAT Jodhpur)
Related Assessment Year : 2012-13
Courts :
All ITAT ITAT Jodhpur
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Sarda Gums & Chemicals F-54 Vs ACIT (ITAT Jodhpur)
ITAT Jodhpur held that merely by transferring the reserve created out of the tax paid profit subsequently transferred to capital account of the firm is not a mistake apparent on record and cannot be rectified under the guise of provision of section 154 of the Act
Facts- The assessee is a Firm. The assessee derives income from manufacturing and trading of Gwar Gum Powder Cassia Tore, Psyllium Husk, and Tamarind Powder. The case was selected for scrutiny through CASS. AO disallowed Rs. 4,73,780/- i.e. 1/10th of the various expenses claimed....
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whether a private limited can transfer entire amount of profit and loss amount after tax to its reserve and surplus account showing in the balance sheet