https://www.taxtmi.com/caselaws?id=276900 Business carried on in an Indian State was held to fall wholly outside the Excess Profits Tax Act where Section 5 and the third proviso excluded any business the whole of whose profits accrued or arose in an Indian State. The proviso was treated as defining the nature of the excluded business, so that such business had to be left out entirely from excess profits tax computation and could not be treated as part of the chargeable business. The set-off principle under Section 10 of the Income-tax Act, 1922 did not apply to that computation. Accordingly, losses from the Indian State business could not be set off against profits of the British India business for excess profits tax purposes. en-us Thu, 30 Aug 1951 00:00:00 +0530 Tue, 20 Nov 2018 11:18:01 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=276900 Business carried on in an Indian State was held to fall wholly outside the Excess Profits Tax Act where Section 5 and the third proviso excluded any business the whole of whose profits accrued or arose in an Indian State. The proviso was treated as defining the nature of the excluded business, so that such business had to be left out entirely from excess profits tax computation and could not be treated as part of the chargeable business. The set-off principle under Section 10 of the Income-tax Act, 1922 did not apply to that computation. Accordingly, losses from the Indian State business could not be set off against profits of the British India business for excess profits tax purposes. Case-Laws Income Tax Thu, 30 Aug 1951 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=276900