https://www.taxtmi.com/caselaws?id=276364 The court concluded that starting a business in an Indian State constitutes a transaction under section 10A of the Excess Profits Tax Act. Additionally, the court held that the third proviso to section 5, which exempts profits in Part B States, does not preclude the application of section 10A. Therefore, the Tribunal was deemed unjustified in ruling that section 10A does not apply to the case. The judgment emphasized that section 10A allows adjustments to ensure proper taxation of profits in a taxable territory, regardless of branch location. The Commissioner was awarded costs of Rs. 500. en-us Fri, 12 Oct 1962 00:00:00 +0530 Thu, 08 Nov 2018 11:48:59 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=276364 The court concluded that starting a business in an Indian State constitutes a transaction under section 10A of the Excess Profits Tax Act. Additionally, the court held that the third proviso to section 5, which exempts profits in Part B States, does not preclude the application of section 10A. Therefore, the Tribunal was deemed unjustified in ruling that section 10A does not apply to the case. The judgment emphasized that section 10A allows adjustments to ensure proper taxation of profits in a taxable territory, regardless of branch location. The Commissioner was awarded costs of Rs. 500. Case-Laws Income Tax Fri, 12 Oct 1962 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=276364