https://www.taxtmi.com/caselaws?id=293031 Business income was treated as a single head of income, so profits and losses from all business activities of the assessee had to be computed together. Section 24(1) was held to apply only when a loss under one head is set off against income under another head, not to intra-head adjustments between different businesses. The exemption for income arising in an Indian State did not prevent the related business loss from being taken into account in computing total income, and the proviso to Section 24 could not be used to expand the main provision to deny set-off. The loss from the Bombay business was therefore allowable against Hyderabad business income. en-us Sat, 14 Mar 1953 00:00:00 +0530 Wed, 20 Jan 2021 12:47:32 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=293031 Business income was treated as a single head of income, so profits and losses from all business activities of the assessee had to be computed together. Section 24(1) was held to apply only when a loss under one head is set off against income under another head, not to intra-head adjustments between different businesses. The exemption for income arising in an Indian State did not prevent the related business loss from being taken into account in computing total income, and the proviso to Section 24 could not be used to expand the main provision to deny set-off. The loss from the Bombay business was therefore allowable against Hyderabad business income. Case-Laws Income Tax Sat, 14 Mar 1953 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=293031