https://www.taxtmi.com/caselaws?id=277494 Losses from business branches outside Travancore were held deductible in computing business income earned within Travancore under the Travancore Income-tax Act. The court construed the proviso to section 32(1) as applying only to set-off between different heads of income, not to computation of profits under a single business head. It also treated section 18(2)(c) as an exemption provision for income arising outside Travancore, not as a bar on taking account of outside business losses. On that basis, all branches of the banking business were treated as one business for computation, and the assessee was entitled to deduct the outside loss from Travancore profits. en-us Fri, 05 Aug 1955 00:00:00 +0530 Wed, 05 Dec 2018 17:29:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=277494 Losses from business branches outside Travancore were held deductible in computing business income earned within Travancore under the Travancore Income-tax Act. The court construed the proviso to section 32(1) as applying only to set-off between different heads of income, not to computation of profits under a single business head. It also treated section 18(2)(c) as an exemption provision for income arising outside Travancore, not as a bar on taking account of outside business losses. On that basis, all branches of the banking business were treated as one business for computation, and the assessee was entitled to deduct the outside loss from Travancore profits. Case-Laws Income Tax Fri, 05 Aug 1955 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=277494