TMI BlogDetermination of net profits.X X X X Extracts X X X X X X X X Extracts X X X X ..... s behalf, by any Government, unless and except in so far as the Central Government otherwise directs. (3) In making the computation aforesaid, credit shall not be given for the following sums: ___ (a) profits, by way of premium, on shares or debentures of the company, which are issued or sold by the company; (b) profits on sales by the company of forfeited shares; (c) [2] [profits of a capital nature including profits from the sale] of the undertaking or any of the undertakings of the company or of any part thereof; (d) profits from the sale of any immovable property or fixed assets of a capital nature comprised in the undertaking or any of the undertakings of the company, unless the business of the compa ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ion (1) of section 293;] (k) depreciation to the extent specified in section 350; [5] [(l) the excess of expenditure over income, which had arisen in computing the net profits in accordance with this section in any year which begins at or after the commencement of this Act, in so far as such excess has not been deducted in any subsequent year preceding the year in respect of which the net profits have to be ascertained;] (m) any compensation or damages to be paid in virtue of any legal liability including a liability arising from a breach of contract; (n) any sum paid by way of insurance against the risk of meeting any liability such as is referred to in clause (m); [6] [(o) debts consid ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ause (j). [5] Substituted by the Companies (Amendment) Act, 1960, Act 65 of 1960, section 127, for clause (l). [6] Inserted by the Companies (Amendment) Act, 1960, Act 65 of 1960, section 127. [7] Inserted by the Companies (Second Amendment) Act, 2002, w.e.f. a date yet to be notified. [8] Omitted by the Companies (Amendment) Act, 2000, w.e.f. 13-12-2000. as provisions relating to managing agents, etc. had become redundant after abolition of system by Act 17 of 1969. [9] See now the Income-tax Act, 1961. (43 of 1961). [10] Inserted by the Companies (Amendment) Act, 1960, Act 65 of 1960, section 127. - - statute, statutory provisions legislation, law, enactment, Acts, Rules, Regulations, Taxation Tax Management India ..... X X X X Extracts X X X X X X X X Extracts X X X X
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