AdvocateKhoj
Login : Advocate | Client
Home Post Your Case My Account Law College Law Library
    

The Business Profits Act, 1947.

9. Aggregation of profits in certain cases.-

Where an individual is entitled to profits arising  from more than one business, of which at least one is carried on by a firm in which he is a partner, the income-tax Officer may, with the prior sanction of the Inspecting assistant Commissioner of Income- tax, aggregate the shares of such individual in the profits or losses of all of such business and treat the sum of such aggregation as the profits of a business carried on by such individual and assess him accordingly:

Provided that if the accounting periods of such businesses are not co-terminus, the Income-tax Officer shall determine in respect of such individual his chargeable accounting period and shall make such divisions, apportionments and aggregation of the shares of such individual in the profits or losses of the several businesses as may be necessary to determine for such chargeable accounting period the total profits and gains of such individual there from:

Provided further that for the purposes of this section, a company, which is neither one in which the public are substantially interested, as defined in the Explanation to sub-section (1) of section 23A of the Indian Income-tax Act, 1922, nor a subsidiary company as defined in sub-section (4) of section 8 of this Act, shall be deemed to be a firm in which the persons having an interest in the company are partners or, in the case of a sole- shareholder, a business carried on by that sole-shareholder, and the profits of such company shall be computed accordingly:

Provided further that any profits or losses so aggregated for assessment upon an individual shall be excluded from the profits or losses of the respective businesses for the purposes of this Act; and no assessment under this act shall be made in respect of any such business save in the names of the other partners therein.



Business Profits Act, 1947 Back




Client Area | Advocate Area | Blogs | About Us | User Agreement | Privacy Policy | Advertise | Media Coverage | Contact Us | Site Map
powered and driven by neosys