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Case Law Details

Case Name : XL Enterprises Ltd. Vs ITO (ITAT Kolkata)
Related Assessment Year : 2012-13
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XL Enterprises Ltd. Vs ITO (ITAT Kolkata)

Undisputed facts are that the assessee has taken advance of Rs. 8,58,26,789/- from P N Memorial Neurocentre & Research Institute Ltd. in which it was holding 17.94% of equity shares. Out of said amount of total advance , a sum of Rs. 4,02,43,658/- was coming from earlier year as opening balance whereas Rs. 4,55,83,131/- was received during the year. The assessee has accumulated profit as per the books of account maintained in consonance with Companies Act as on 31.03.2012 of Rs.

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