https://www.taxtmi.com/caselaws?id=293068 Section 14(2)(c) was construed as granting exemption only to the net income actually accruing in a Part B State after setting off relevant business losses, not to a gross dividend receipt taken in isolation. The Court rejected the view that dividend income could be treated as the exempt figure without accounting for the loss already absorbed in computing the territorial income. It further held that, where only part of the total income is exempt, section 17(2) applies to the taxation of that exempt portion. The exemption was therefore confined to the net Part B State income, and the assessee's contention was rejected. en-us Fri, 12 Mar 1954 00:00:00 +0530 Thu, 21 Jan 2021 14:50:32 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=293068 Section 14(2)(c) was construed as granting exemption only to the net income actually accruing in a Part B State after setting off relevant business losses, not to a gross dividend receipt taken in isolation. The Court rejected the view that dividend income could be treated as the exempt figure without accounting for the loss already absorbed in computing the territorial income. It further held that, where only part of the total income is exempt, section 17(2) applies to the taxation of that exempt portion. The exemption was therefore confined to the net Part B State income, and the assessee's contention was rejected. Case-Laws Income Tax Fri, 12 Mar 1954 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=293068