https://www.taxtmi.com/caselaws?id=277492 The proviso to Section 24(1) did not apply to assessment year 1944-45 because the assessment was governed by the law in force on 1 April 1944 and the amendment could not operate retrospectively. Losses from business carried on in Indian States were outside the taxable computation under Section 10 read with Section 14(2)(c), so they could not be set off against taxable British India business profits. The assessee's business income was therefore computed without allowing the Indian State business loss, and the tax computation was sustained. en-us Wed, 26 Oct 1949 00:00:00 +0530 Wed, 05 Dec 2018 17:29:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=277492 The proviso to Section 24(1) did not apply to assessment year 1944-45 because the assessment was governed by the law in force on 1 April 1944 and the amendment could not operate retrospectively. Losses from business carried on in Indian States were outside the taxable computation under Section 10 read with Section 14(2)(c), so they could not be set off against taxable British India business profits. The assessee's business income was therefore computed without allowing the Indian State business loss, and the tax computation was sustained. Case-Laws Income Tax Wed, 26 Oct 1949 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=277492