https://www.taxtmi.com/caselaws?id=6632 The Income-tax Act, 1922 requires profits and gains to be computed business-wise where an assessee carries on distinct businesses, and the expression "any business" in section 10 is not limited to a single business. Where expenses are not separately allocated between businesses, the Income-tax Officer may make a fair and reasonable apportionment to determine the true profit or loss of each business. On that basis, expenses could be apportioned between the money-lending and speculation businesses to arrive at the correct computation. en-us Thu, 08 Jul 1965 00:00:00 +0530 Tue, 27 Jan 2009 17:21:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=6632 The Income-tax Act, 1922 requires profits and gains to be computed business-wise where an assessee carries on distinct businesses, and the expression "any business" in section 10 is not limited to a single business. Where expenses are not separately allocated between businesses, the Income-tax Officer may make a fair and reasonable apportionment to determine the true profit or loss of each business. On that basis, expenses could be apportioned between the money-lending and speculation businesses to arrive at the correct computation. Case-Laws Income Tax Thu, 08 Jul 1965 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=6632