https://www.taxtmi.com/caselaws?id=276365 Section 10A of the Excess Profits Tax Act could not be used to bring within charge profits that the third proviso to Section 5 had exempted for a business in a Part B State. The court reasoned that the Act's charging scheme applied only to businesses within its scope, and an anti-avoidance adjustment power could not extend taxation to profits the statute had expressly excluded. Sub-section (2)(a) did not change that position, because it authorised charging only after permissible adjustments, not taxation of an exempt business. The reference was therefore answered in the negative, in favour of the assessee. en-us Thu, 09 Oct 1952 00:00:00 +0530 Thu, 08 Nov 2018 11:51:52 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=276365 Section 10A of the Excess Profits Tax Act could not be used to bring within charge profits that the third proviso to Section 5 had exempted for a business in a Part B State. The court reasoned that the Act's charging scheme applied only to businesses within its scope, and an anti-avoidance adjustment power could not extend taxation to profits the statute had expressly excluded. Sub-section (2)(a) did not change that position, because it authorised charging only after permissible adjustments, not taxation of an exempt business. The reference was therefore answered in the negative, in favour of the assessee. Case-Laws Income Tax Thu, 09 Oct 1952 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=276365