Supreme Court Partly Allows Revenue Appeal in Excess Profits Tax Act Over Losses from Non-Taxable Territory; Dismisses Revenue Appeal on Income Tax on Concession. Third Proviso to Section 5 of Excess Profits Tax Act, 1940 Deemed Part of Business in Indian State as Separate Business, Precluding Deduction of Losses Against Taxable Profits....
The appeals arose from assessments for the assessment year 1946-47 concerning a Delhi firm engaged in speculative bullion business. The firm had entered into forward transactions, described as hedge t...
