TMI BlogDeemed income relating to certain companiesX X X X Extracts X X X X X X X X Extracts X X X X ..... ious year shall be deemed to be an amount equal to thirty per cent of such book profit. (2) Every assessee, being a company, shall, for the purposes of this section prepare its profit and loss account for the relevant previous year in accordance with the provisions of Parts II and III of Schedule VI to the Companies Act, 1956 (1 of 1956): Provided that while preparing profit and loss account, the depreciation shall be calculated on the same method and rates which have been adopted for calculating the depreciation for the purpose of preparing the profit and loss account laid before the company at its annual general meeting in accordance with the provisions of section 210 of the Companies Act, 1956 (1 of 1956) : Provided further ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... account : Provided that, where this section is applicable to an assessee in any previous year (including the relevant previous year), the amount withdrawn from reserves created or provisions made in a previous year relevant to the assessment year commencing on or after the 1st day of April, 1997 3 [ but ending before the 1st day of April, 2001 ] shall not be reduced from the book profit unless the book profit of such year has been increased by those reserves or provisions (out of which the said amount was withdrawn) under this Explanation ; or ( ii ) the amount of income to which any of the provisions of Chapter III applies, if any such amount is credited to the profit and loss account; or 4 [ ( iii ) the amount of loss bro ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 986) and ending with the assessment year during which the entire net worth of such company becomes equal to or exceeds the accumulated losses. Explanation.- For the purposes of this clause, net worth shall have the meaning assigned to it in clause ( ga )of sub-section (1) of section 3 of the Sick Industrial Companies (Special Provisions) Act, 1985 (1 of 1986); 8 [ or ] 9 [ ( viii ) the amount of profits eligible for deduction under section 80HHC, computed under clause ( a ), ( b ) or ( c ) of sub-section (3) or sub-section (3A), as the case may be, of that section, and subject to the conditions specified in sub-sections (4) and (4A) of that section; ( ix ) the amount of profits eligible for deduction under section 80HHE, co ..... X X X X Extracts X X X X X X X X Extracts X X X X
|
