https://www.taxtmi.com/caselaws?id=276899 Losses arising from transactions with firms in an Indian State were treated as part of the business result of an assessee carrying on business from Delhi, and were deductible under section 10(1) of the Income-tax Act, 1922. Section 14(2)(c), the proviso to section 24(1), and section 42 were not read as splitting a single business into separate categories for loss computation or as excluding such losses merely because the counterparties were in an Indian State. The same approach applied to excess profits tax: section 5 of the Excess Profits Tax Act, 1940, and the corresponding Business Profits Tax Act provisions did not expressly exclude losses, so the losses were allowable in computing liability. en-us Wed, 23 Jan 1957 00:00:00 +0530 Tue, 20 Nov 2018 11:15:48 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=276899 Losses arising from transactions with firms in an Indian State were treated as part of the business result of an assessee carrying on business from Delhi, and were deductible under section 10(1) of the Income-tax Act, 1922. Section 14(2)(c), the proviso to section 24(1), and section 42 were not read as splitting a single business into separate categories for loss computation or as excluding such losses merely because the counterparties were in an Indian State. The same approach applied to excess profits tax: section 5 of the Excess Profits Tax Act, 1940, and the corresponding Business Profits Tax Act provisions did not expressly exclude losses, so the losses were allowable in computing liability. Case-Laws Income Tax Wed, 23 Jan 1957 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=276899