https://www.taxtmi.com/caselaws?id=293031 Net loss from one business location must be aggregated with profits of another when computing business income and taxable total income; the Tribunal applied residence-based taxation principles to hold that losses incurred outside the taxable territory are to be taken into account for computing business income and the applicable rate of tax, distinguishing inter head set-off rules from aggregation within the single head 'business'. Outcome: the assessed net loss from the Bombay business was held allowable as a set-off 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 Net loss from one business location must be aggregated with profits of another when computing business income and taxable total income; the Tribunal applied residence-based taxation principles to hold that losses incurred outside the taxable territory are to be taken into account for computing business income and the applicable rate of tax, distinguishing inter head set-off rules from aggregation within the single head 'business'. Outcome: the assessed net loss from the Bombay business was held allowable as a set-off against Hyderabad business income. Case-Laws Income Tax Sat, 14 Mar 1953 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=293031