return is accompanied by copies of— (i) manufacturing account, trading account, profit and loss account or, as the case may be, income and expenditure account ... been audited, the return is accompanied by copies of the audited profit and loss account and balance sheet and the auditor's report and, where
shall, for the purposes of this section, prepare its statement of profit and loss for the relevant previous year in accordance with the provisions ... purposes of this section, "book profit" means the profit as shown in the statement of profit and loss for the relevant previous year prepared under
fixed assets instead of recognizing the exchange difference in the profit and loss account.
10. Lastly, it is important to note that Accounting Standards ... profit, an income and expenditure account shall be laid before the company at its annual general meeting instead of a profit and loss account
investment allowance to be actually allowed is debited to the profit and loss account of ][any previous year in respect of which the deduction ... fifty" had been substituted. Explanation. - Where the amount debited to the profit and loss account and credited to the Investment Allowance Reserve Account under this
profits and gains
actually resulting from the transaction of the previous
year, that is to say, the real profits and gains and not
hypothetical profits ... profit computed under this system is the profit
actually earned, though not necessarily realized
in case, or the loss computed under the system is
loss
company, shall, for the purposes of this section, prepare its profit and loss account for the relevant previous year in accordance with the provisions ... purposes of this section, "book profit" means the net profit as shown in the profit and loss account for the relevant previous year [prepared under
Companies Act, 1956
211. Form and contents of balance sheet and profit and loss account .-
(1) Every balance sheet of a company shall give ... under the Act governing such class of company.] (2) Every profit and loss account of a company shall give a true and fair view
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 ... purposes of this section, "book profit" means the net profit as shown in the profit and loss account for the relevant previous year prepared under
included the following
incomes under various heads, as follows:
i. Speculation profit (profit/loss) on F&O Rs. -185/-
ii. Interest Income ... purposes of this section, "book
profit" means the net profit as shown in the profit and loss
account for the relevant previous year
assessment year 1961-62 it had filed a
profit and loss account wherein amount of $.1,01,248
equivalent ... excess profits
duty, as the case may be. For example, the
ordinary principles of commercial accounting
require that in the profit and loss account
