Reserves and Subsidy created out of Profit after deduction of Tax shall not be taxable when credited to Partner’s Capital Account: ITAT quashed Order of CIT(A) [Read Order]

By Sunayana Dhal - On September 1, 2023 4:00 pm - 2 mins read

Reserves - Subsidy - Reserves and Subsidy created out of Profit -Profit - deduction -Tax - deduction of Tax - taxscan

The Jodhpur bench of the Income Tax Appellate Tribunal (ITAT) held that the reserves and subsidy created out of the profit after the deduction of tax shall not be taxable when credited to the partner’s capital account. The assessee is a Firm that derives income from manufacturing and trading of Gwar Gum Powder Cassia Tore,…

Your free access to Taxscan has Expired

To read the article, get a premium account.

Taxscan Premium

Why should you subscribe?

Enjoy our website without interruptions from advertisements
Receive Daily newsletters
Receive realtime Telegram/Whatsapp news updates
Download original Judgements / Order / Notifications / Circulars, etc
Enjoy exclusive entry fees to Simplified series. (Webinars, Seminars, masterclasses, etc.)

₹1199 + GST for 1 year

Subscribe Now

Topics