https://www.taxtmi.com/caselaws?id=49477 The third proviso to section 5 of the Excess Profits Tax Act, 1940 treated the part of a business whose profits arose in an Indian State as a separate business for tax purposes, with the result that segment was excluded from the Act's charge. On that footing, losses attributable to the Indian-State transactions could not be set off against the profits of the taxable Delhi business in computing excess profits tax. The text also notes that the High Court could not supplant the Tribunal's factual basis by making fresh findings that the losses had accrued at Delhi. en-us Fri, 05 May 1961 00:00:00 +0530 Fri, 29 Aug 2014 18:32:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=49477 The third proviso to section 5 of the Excess Profits Tax Act, 1940 treated the part of a business whose profits arose in an Indian State as a separate business for tax purposes, with the result that segment was excluded from the Act's charge. On that footing, losses attributable to the Indian-State transactions could not be set off against the profits of the taxable Delhi business in computing excess profits tax. The text also notes that the High Court could not supplant the Tribunal's factual basis by making fresh findings that the losses had accrued at Delhi. Case-Laws Income Tax Fri, 05 May 1961 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=49477