https://www.taxtmi.com/caselaws?id=49603 Business losses incurred in Cochin could be set off against business profits earned in Travancore under section 32(1) and its proviso, because the proviso was treated as an exception to the general charging and computation scheme rather than a restriction on inter-State business set-off. The Court relied on the parallel structure of the Indian Income-tax Act and prior authorities to hold that the provision did not confine relief to losses within the same territory or head of income. The second question in one appeal, concerning the relevant previous year for assessment, was not decided and was left open for appropriate steps. en-us Mon, 23 Feb 1959 00:00:00 +0530 Thu, 04 Sep 2014 18:01:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=49603 Business losses incurred in Cochin could be set off against business profits earned in Travancore under section 32(1) and its proviso, because the proviso was treated as an exception to the general charging and computation scheme rather than a restriction on inter-State business set-off. The Court relied on the parallel structure of the Indian Income-tax Act and prior authorities to hold that the provision did not confine relief to losses within the same territory or head of income. The second question in one appeal, concerning the relevant previous year for assessment, was not decided and was left open for appropriate steps. Case-Laws Income Tax Mon, 23 Feb 1959 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=49603