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.
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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