Loss is negative profit. Both positive and negative profits are ...

Case Laws Income Tax

April 30, 2021

Loss is negative profit. Both positive and negative profits are of revenue character. Both must enter into computation, wherever it becomes material, in the same mode of the taxable income of the assessee. Therefore, the trading loss of a business is deductible in computing profits earned by the business even though there is no specific provision for allowance thereof. - AT

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Loss is negative profit. Both positive and negative profits are ...

Case Laws Income Tax

April 30, 2021

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