https://www.taxtmi.com/caselaws?id=290105 Business income under the Income-tax Act, 1922 had to be computed under Section 10 as a self-contained head, and losses from a business carried on in an Indian State were deductible against profits earned in British India. Section 24(1) governed set-off between different heads of income and did not control the internal computation of business profits, while its proviso and Section 14(2)(c) did not change that method. The ruling therefore treated all business profits and losses, wherever arising, as part of the same business-head computation, subject to the statutory allowances, and answered the reference in favour of the assessee. en-us Mon, 22 Jun 1953 00:00:00 +0530 Wed, 09 Sep 2020 09:55:34 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=290105 Business income under the Income-tax Act, 1922 had to be computed under Section 10 as a self-contained head, and losses from a business carried on in an Indian State were deductible against profits earned in British India. Section 24(1) governed set-off between different heads of income and did not control the internal computation of business profits, while its proviso and Section 14(2)(c) did not change that method. The ruling therefore treated all business profits and losses, wherever arising, as part of the same business-head computation, subject to the statutory allowances, and answered the reference in favour of the assessee. Case-Laws Income Tax Mon, 22 Jun 1953 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=290105