https://www.taxtmi.com/caselaws?id=276901 Ambiguous fiscal language in the third proviso to section 5 of the Business Profits Tax Act, 1947, was construed in favour of the assessee. The provision was read as dealing with the income, profits or gains of a Part B State business, not as excluding losses from consideration. On that construction, losses incurred in the Part B State could be deducted and set off against profits earned in the taxable territories. The reasoning was supported by the statutory scheme, comparable income-tax provisions, and the principle that exemptions and exclusions have the same tax effect unless the statute expressly distinguishes them. en-us Fri, 07 Sep 1956 00:00:00 +0530 Tue, 20 Nov 2018 11:20:15 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=276901 Ambiguous fiscal language in the third proviso to section 5 of the Business Profits Tax Act, 1947, was construed in favour of the assessee. The provision was read as dealing with the income, profits or gains of a Part B State business, not as excluding losses from consideration. On that construction, losses incurred in the Part B State could be deducted and set off against profits earned in the taxable territories. The reasoning was supported by the statutory scheme, comparable income-tax provisions, and the principle that exemptions and exclusions have the same tax effect unless the statute expressly distinguishes them. Case-Laws Income Tax Fri, 07 Sep 1956 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=276901