M/S.VIRTUAL SOFT SYSTEMS LTD. vs. COMMISSIONER OF INCOME TAX, DELHI-I
C.A. No.-007115-007115 - 2005Supreme Court06 Feb 2007
For Respondent: Commissioner of Income Tax, Delhi-I
Section 260ASection 271(1)(c)Section 68
200 ITR 584 (Del.), it was held
as under: -
"The income-tax is payable only on income
which in a business venture would imply profit
after deducting therefrom deductible expenses and
not loss. If after determining the liability of the
assessee after the process of adjustment, the net
result is still loss, there cannot be any question of
any further
