https://www.taxtmi.com/caselaws?id=276202 The High Court upheld the Tribunal's approach in assessing profit or loss, stating that the entire loss should be considered as the foreign principal's income before apportioning it. It clarified that income of a foreign principal from business connections in taxable territories is taxable under Section 42(1) and apportionment is necessary under Section 42(3). The Court also affirmed that the statutory agent has the right to set off losses under Section 24(2) like any other assessee, allowing for the set off of losses in this case. en-us Mon, 31 Mar 1952 00:00:00 +0530 Thu, 01 Nov 2018 16:30:16 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=276202 The High Court upheld the Tribunal's approach in assessing profit or loss, stating that the entire loss should be considered as the foreign principal's income before apportioning it. It clarified that income of a foreign principal from business connections in taxable territories is taxable under Section 42(1) and apportionment is necessary under Section 42(3). The Court also affirmed that the statutory agent has the right to set off losses under Section 24(2) like any other assessee, allowing for the set off of losses in this case. Case-Laws Income Tax Mon, 31 Mar 1952 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=276202