Amount withdrawn from revaluation reserve and credited to the Profit & Loss account cannot be reduced from the book prof

Amount withdrawn from revaluation reserve and credited to the Profit & Loss account cannot be reduced from the book profit if such amount had not increased the book profit at the time of creation of reserve

Facts

• The taxpayer is a limited company engaged in the business of manufacture of yarn and polyester.

• The taxpayer during the assessment year (“AY”) 2000-01 revalued its fixed assets by increasing the ne

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