profit loss

Section 92 is not applicable with regard to advertisement expenditure which has been borne by the assessee as a result of the Franchise Agreement with Indian franchises and the same has resulted into lesser profit/loss of the assessee and more profit to the franchises and it has no impact on the income of the American principal because whether the advertisement expenditure is borne by the assessee or by the franchises, the benefit of American principal will remain the sa.. Full Article

Where assessee is engaged in trading in share of other companies, the business carried on by the assessee will be in nature of speculative business and profit or loss arising therefrom will be the speculative profit/loss. Full Article

Applicability of Act (Sec 1) - Every factory wherein 10 or more persons are employed with the aid of power or An establishment In which 20 or more persons are employed without the aid of power on any day during an accounting year. Establishment : Establishment includes departments, undertakings and branches, etc. Full Article