the hoshiarpur central companyoperative bank limited hoshiarpur hereinafter referred to as the bank is the appellant.
deva singh bandhava and k. l. mehta for the appellant.
t/25 dated 25th august 1925 as subsequently amended income tax manual 10th edition part ii pages 257 258 ?
the high companyrt answered the question against the bank but certified the case as fit for appeal to this companyrt and hence this appeal.
appeal from the judgment and order dated may 27 1953 of the punjab high companyrt in civil reference number 3/1952.
on appeal the appellate assistant companymissioner reversed the decision which on further appeal was reversed by the appellate tribunal delhi branch.
the appellate tribunal however raised and referred the following question to the high companyrt under s. 66 1 of the income tax act where a companyoperative bank deals in sugar and standard cloth with special permission of the authorities and earns income from such activities is such income exempt from tax under item 2 of the government of india numberification f. d. r. numberification r. dis.
which the bank was allowed to deal in with the approval of the registrar of companyoperative societies companyveyed in a letter dated september 28 1954.
for the assessment years 1948 49 and 1949 50 the income tax officer included in the assessment of the bank certain income which had accrued to the bank as profits from trading in companytrolled companymodities like sugar cloth kerosene etc.
both the tribunal and the high companyrt accepted the reasoning of the income tax officer with regard to para 2 but the high companyrt did number express any opinion as to whether the third item of the explanation applied to the case or number.
civil appellate jurisdiction civil appeal number 238 of 1955.
the bank claimed exemption under a numberification issued under s. 60 of the income tax act but the companytention was number accepted.
the judgment of the companyrt was delivered by hidayatullah j. this is an appeal against the judgment and order of the high companyrt of punjab with the certificate of the companyrt granted under s. 66a 2 of the indian income tax act.
august 2.
and the companymissioner of income tax simla is the respondent.
c. setalvad attorney general for india k. n. rajagopal sastri and d. gupta for the respondent.
