Meaning of profits: asset-value comparison and excess receipts over expenses define business gain for the tax period. Meaning of profits in tax law is a measure of gain made by a business during a period, typically the excess of receipts over expenditures; profit is ascertained by comparing the state of the business or the value of assets at two specific dates, with the increase in asset value between those dates constituting the profit.
Cases where this provision is explicitly mentioned in the judgment/order text; may not be exhaustive. To view the complete list of cases mentioning this section, Click here.
Provisions expressly mentioned in the judgment/order text.
Meaning of profits: asset-value comparison and excess receipts over expenses define business gain for the tax period.
Meaning of profits in tax law is a measure of gain made by a business during a period, typically the excess of receipts over expenditures; profit is ascertained by comparing the state of the business or the value of assets at two specific dates, with the increase in asset value between those dates constituting the profit.
Full Summary is available for active users!
Note: It is a system-generated summary and is for quick reference only.