https://www.taxtmi.com/caselaws?id=282163 Business income under section 10 was treated as a single head, so losses from a business carried on in an Indian State were required to be adjusted against profits from business in the taxable territories. Section 24(1) was confined to set-off between different heads of income and did not split business activity into separate heads based on territorial location. The first proviso to section 24(1), read with section 14(2)(c), was described as a limited qualification on the set-off machinery and not as a provision creating a separate business classification. The question was answered in the affirmative, in favour of the assessee. en-us Wed, 15 Feb 1956 00:00:00 +0530 Wed, 24 Jul 2019 18:09:03 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=282163 Business income under section 10 was treated as a single head, so losses from a business carried on in an Indian State were required to be adjusted against profits from business in the taxable territories. Section 24(1) was confined to set-off between different heads of income and did not split business activity into separate heads based on territorial location. The first proviso to section 24(1), read with section 14(2)(c), was described as a limited qualification on the set-off machinery and not as a provision creating a separate business classification. The question was answered in the affirmative, in favour of the assessee. Case-Laws Income Tax Wed, 15 Feb 1956 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=282163