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definition of accumulated profits

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(Querist)
06 September 2009 dear sir nd frndz ,

does securities premium form part of accumulated profits 4 analysing sec 2(22)(e)?
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CA. B.SRINIVASULU

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CA. B.SRINIVASULU (Expert)
06 September 2009 Yes, securities preium forms part of accumulated profits.
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CA CHINTAN AJMERA

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CA CHINTAN AJMERA (Expert)
06 September 2009 yes
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Aditya Maheshwari

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Aditya Maheshwari (Expert)
06 September 2009 The term used in section 2(22)(e) is accumulated profits and is defined all the profits of the company. Also it has been held in DCIT v/s MAIPO India Ltd. 116 TTJ 791 (Del), 24 SOT 42 that amount of securities premium cannot form part of accumulated profits.

So i beg to differ from both the experts.

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