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    Income Tax

    Obviously, the undistributed share of profit reflected in the...

    Undistributed Profits in P.E. Not Taxable Income Under Income-tax Act; Actual Income Required for Taxation.

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    Income TaxMarch 12, 2016Case LawsAT

    Obviously, the undistributed share of profit reflected in the books of P.E. cannot be said to partake the character of income under the provisions of the Income-tax Act. It is settled position that accounting entries are not determinative of taxability under the Income-tax Act and further only the real income can be brought to the charge of tax. - AT

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