M/S. K.K ABRAHAM AND COMPANY,KOCHI vs. THE ITO, NON CORPORATE WARD 1(3), KOCHI

In the result, the appeals filed by the assessee are allowed

Bench: Shri George George K. & Ms. Padmavathy S.

43D. By virtue of Section 5 of the Act, that total income of any previous years includes all income from whatever source derived. For the purpose of Section 40(b) read with Explanation, there cannot be separate method of accounting for ascertaining the net profit and/or book profit. The said section nowhere provides that the net profit as shown