https://www.taxtmi.com/caselaws?id=277493 A loss from business carried on in an Indian State could not be set off against taxable income because the special exemption for such income and losses under section 14(2)(c) prevailed over the general set-off rule in section 24(1). Litigation expenses for a suit to enforce rendition of accounts against a partner were not deductible, as they were incurred to assert a proprietary claim rather than wholly and exclusively for business purposes. Heirs who inherited mortgage debts and merely realised them, without fresh lending activity, were not carrying on a money-lending business; the excess realised was capital in their hands, except to the extent it represented post-inheritance income. en-us Mon, 10 Jan 1955 00:00:00 +0530 Wed, 05 Dec 2018 17:29:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=277493 A loss from business carried on in an Indian State could not be set off against taxable income because the special exemption for such income and losses under section 14(2)(c) prevailed over the general set-off rule in section 24(1). Litigation expenses for a suit to enforce rendition of accounts against a partner were not deductible, as they were incurred to assert a proprietary claim rather than wholly and exclusively for business purposes. Heirs who inherited mortgage debts and merely realised them, without fresh lending activity, were not carrying on a money-lending business; the excess realised was capital in their hands, except to the extent it represented post-inheritance income. Case-Laws Income Tax Mon, 10 Jan 1955 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=277493