https://www.taxtmi.com/caselaws?id=38021 Profits and losses arising under the same head of income, namely business income, were treated as outside the scope of set-off under section 24(1) of the Indian Income-tax Act, 1922. The exemption in section 14(2)(c) was construed in its plain and wide terms to cover income accruing within an Indian State, and the proviso to section 24(1) could not be used to narrow that exemption. On that construction, the loss in Jaipur State was not deducted from profits arising in other Indian States, and the full profit remained exempt. en-us Fri, 13 Jan 1978 00:00:00 +0530 Fri, 02 Apr 2010 15:45:57 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=38021 Profits and losses arising under the same head of income, namely business income, were treated as outside the scope of set-off under section 24(1) of the Indian Income-tax Act, 1922. The exemption in section 14(2)(c) was construed in its plain and wide terms to cover income accruing within an Indian State, and the proviso to section 24(1) could not be used to narrow that exemption. On that construction, the loss in Jaipur State was not deducted from profits arising in other Indian States, and the full profit remained exempt. Case-Laws Income Tax Fri, 13 Jan 1978 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=38021