This is the final part of the profit and loss account. If the net profit figure is negative, the business has made a loss.

Also referred to as a profit and loss statement. By combining these elements, the income statement illustrates just how much income your company makes or loses during the year by subtracting cost ...

2. The solitary issue in appeal is against disallowance of expenses u/s. 37 of the Income Tax Act, 1961 (hereinafter referred to as ‘the Act’) being the contingent liability of Rs. 3,07,75,963/- ...