Undivided Profits
Legal definition for Indian law research
Definition
Undivided profits, the amount designated as 'Undivided profits' is a part of the reserves and has to be taken into account when computing the capital and reserves within Rule 2(1) of Schedule II of the Act, First National City Bank v. CIT, AIR 1961 SC 812: (1961) 3 SCR 371. [Business Profits Tax Act, 1947, Sch. II, Rule 2(1)]
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