https://www.taxtmi.com/caselaws?id=183041 Under the Excess Profits Tax Act, 1940, only businesses whose profits are chargeable to income-tax fall within the statutory scope, so an agricultural business generating exempt agricultural income is outside the Act. The inclusive definition of "business" does not enlarge that scope, because the second proviso and Section 5 confine the Act to businesses of the described character. Rule 6 of Schedule II applies only where the Act already applies to part of a business and cannot bring an exempt agricultural source into the capital base. The capital employed in the agricultural business is therefore excluded from excess profits tax computation. en-us Tue, 18 Mar 1947 00:00:00 +0530 Thu, 26 May 2016 17:57:20 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=183041 Under the Excess Profits Tax Act, 1940, only businesses whose profits are chargeable to income-tax fall within the statutory scope, so an agricultural business generating exempt agricultural income is outside the Act. The inclusive definition of "business" does not enlarge that scope, because the second proviso and Section 5 confine the Act to businesses of the described character. Rule 6 of Schedule II applies only where the Act already applies to part of a business and cannot bring an exempt agricultural source into the capital base. The capital employed in the agricultural business is therefore excluded from excess profits tax computation. Case-Laws Income Tax Tue, 18 Mar 1947 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=183041