word “profits”

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..... 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 v. CIT,- 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 profits : . Profits implie .....

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..... 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 at the two dates, the increase shown at a later date compared to the earlier date represents the profits of the business. - Manuals - R .....

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