Profits

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....alized from business or investment over and above expenditures." [ULTIMATE FASHION MAKER LTD., vs ITO- 2012 (7) TMI 459 - ITAT, DELHI], In E.D. Sassoon & Company Ltd. and Others- [1954 (5) TMI 2 - SUPREME COURT], has quoted the following observations of Lord Justice Fletcher Moulton in The Spanish Prospecting Company Limited [(1911) I Ch. 92] on the meaning of the word "p....

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

.... Umarbhai & Co.- [1950 (5) TMI 1 - SUPREME COURT], " Profits of a trade or business are what is gained by the business. The term implies a comparison between the state of business at two specific dates separated by an interval of an year and the fundamental meaning is the amount of gain made by the business during the year and can only be ascertained by a comparison of the assets of the business....