If you see a private firm which is showing profits, fully knowing that profits will be taxed, it means one of these
1. The firm is actually getting profit, and the managment is being honest about it.
2. The firm is not making profits, but is interested in keeping a good image in media keeping in mind some Initial Public Offer.
In aviation business where profit margins are low even a half wit chartered accountant can churn the numbers to show losses and hence avoid Income tax. In fact thats what paramount has done, they showed profit of less than USD 2.00 per passenger (in an all business class airline).
What Raju did was a foul play at large with very imaginative numbers, Paramount on the other hand is currently not in a position to do something of that scale. Per passenger profit at Paramount is comparable to per passenger profit at Indigo, an LCC with many of the depreciating assets owned by the airline itself. Which imply that on per passenger basis Indigo made much more profit than the business class paramount.
Any ways the figure of profits is what is provided by the Ministry of Civil Aviation and not by Income Tax Department, these two numbers could be different.