https://www.taxtmi.com/caselaws?id=198003 The court concluded that Section 42(1) of the Income-tax Act, 1922, as amended in 1939, applies to both residents and non-residents. The court emphasized the broad language of the provision, which does not exclude residents, thus implying its applicability to all. Additionally, the court clarified that Section 42(1) overrides exemptions under Section 14(2)(c) if there is a business connection between British India and the income source. The decision overturned a previous interpretation that limited the application of Section 42(1) to non-residents only. en-us Mon, 09 Jan 1950 00:00:00 +0530 Sat, 20 Jan 2018 12:45:13 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=198003 The court concluded that Section 42(1) of the Income-tax Act, 1922, as amended in 1939, applies to both residents and non-residents. The court emphasized the broad language of the provision, which does not exclude residents, thus implying its applicability to all. Additionally, the court clarified that Section 42(1) overrides exemptions under Section 14(2)(c) if there is a business connection between British India and the income source. The decision overturned a previous interpretation that limited the application of Section 42(1) to non-residents only. Case-Laws Income Tax Mon, 09 Jan 1950 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=198003