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

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

View Source

← Previous Next →

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

Income Tax

April 30, 2021

You may also like:

Hedging loss - Since the transaction is relating to acquisition of fixed assets and the profit or loss to be treated in capital field and it cannot be in Revenue in nature - AT

MAT - AO had committed an error in redrawing the profit and loss account by making changes by adding depreciation debited to profit and loss account by the assessee,...

Computation of profit u/s 115JB - scope of MAT provisions - inclusion/ exclusion of profits of sick industrial company -Such positive Book-Profits start arising to the...

MAT Computation - Even if the provision for doubtful debt is added back to the net profits, the resultant book profit is still negative and even though the assessee was...

MAT Computation - even if the provision for doubtful debt is added back to the net profits, the resultant book profit is still negative and even though the assessee was...

Business Auxiliary services (BAS) - taxability of amount shown as "other income" in the Profit & Loss Account (P&L A/c) - revenue failed to show that the amount was...

Disallowance of proportionate cost of land out of solid waste tank expense – cost of land debited by the Assessee in Profit and Loss account is not allowable as revenue...

Deduction u/s 80IC - Revenue contending adjustment of losses of Delhi unit against profit of Baddi unit before providing deduction u/s 80IC - HC

Treatment to Forex loss incurred by the assessee on account of derivative transactions as speculative transactions - When the assessee enters into a hedging transaction...

Trading addition – Once net profit rate has been applied, no other addition is warranted in the profit & loss account.... - AT

Quick Updates: