Anyways, for a more structured response, you should understand that for tax purposes, the concept of including loss in income comes from various judgments including that of Supreme Court of India such as CIT vs. Harprasad & Co. Pvt. Limited (1975) 99 ITR 118 (SC)
Many writers have tried to argue that loss should not be equated as income. You can refer to an article like this one https://www.bcasonline.org/articles/artin.asp?1127 by P Nayak.
But such articles or not, it is settled that a Supreme Court Judgment is the law of land. So while grammatically income and loss may stand against each other as antonym, for anyone who is an accountant or a tax con, it is a simple system - when expenses exceed revenue, it is a loss and when reverse happens, it is a income. The tax laws clearly provide for what to do in each case.
Many writers have tried to argue that loss should not be equated as income. You can refer to an article like this one https://www.bcasonline.org/articles/artin.asp?1127 by P Nayak.
But such articles or not, it is settled that a Supreme Court Judgment is the law of land. So while grammatically income and loss may stand against each other as antonym, for anyone who is an accountant or a tax con, it is a simple system - when expenses exceed revenue, it is a loss and when reverse happens, it is a income. The tax laws clearly provide for what to do in each case.
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