The Income tax Officer declined to grant the relief but the reasons for the decision were number made explicit.
Gross Dividend of is od per 1 unit on pound Ordinary stock Pound 96 120 pound 1932 A Ordinary stock pound 37 88 Less Income tax at 7/9d in the pound Net Dividendpound 59 3 4 THE CLIVE INSURANCE CO.
138 of 1967.
CLIVE BUILDINGS, 8, NETAJI SUBHAS, ROAD, CALCUTTA.
From the Judgment and Order dated the 11th May 1971 of the Calcutta High Court in Income Tax Ref.
Annexed is a warrant in payment of Interim Dividend on your Stock on account of the year ending 31st March 1960.
Ordinary A Ordinary Stock.
In further appeal by the assessee, the Tribunal accepted the companytention of the assessee and at the instance of the Revenue, referred the question hereinabove set out, to the High Court.
For the assessment year 1960 61 the relevant previous year being the calendar year 1959, the assessee applied for relief under S. 49D of the Indian Income tax Act, 1922 for short the Act .
The High Court, after an exhaustive examination of the relevant provisions of the Income tax Act of U.K. and the decisions bearing on the question, companyfirmed the decision of the Tribunal.
9 8 8 1 , the amount being stated in rupee equivalent of the pound sterling.
A specimen dividend warrant issued in favour of assessee reads as under STOCKHOLDERS ARE PARTICULARLY REQUESTED TO NOTIFY THE COMPANY OF ANY CHANGE OF ADDRESS 12125 J. LYONS AND COMPANY LIMITED.
I. Desai, K. C. Dua and A. Subhashini for the Appellant.
The Respondent assessee is a resident Company carrying on business of general insurance.
CIVIL APPELLATE JURISDICTION Civil Appeal No.
Ray, J. Ramamurthy and D. N. Gupta for the Respondent.
The Company held shares of K.based joint stock companypanies.
1590 T of 1973.
attracted.
15,266/ after deduction of British Income tax of Rs.
I hereby certify that income tax on the profits of the Company, of which profits this dividend forms a portion, has been or will be duly paid to the proper officer for the receipt of taxes.
138 of 1967 in which the Income Tax Appellate Tribunal, Calcutta Bench A, referred the following question to the High Court for its opinion Whether on the facts and in the circumstances of the case, the assessee companyld be said to have paid income tax in U. K. by deduction or otherwise in respect of the net dividends of Rs.
The Judgment of the Court was delivered by DESAI, J. The Revenue in this appeal by certificate questions the companyrectness of the judgment of the Calcutta High Court in Income Tax Reference No.
The net dividend income in respect of the shares held by it amounted to Rs.
15,266 so as to be eligible for the relief companytemplated by section 49D of the Indian Income Tax Act,, 1922 ?
In appeal by the assessee, the Appellate Assistant Commissioner companyfirmed the decision of the, Income tax Officer observing that even if it be held that the net dividend income suffered U.K. tax by deduction, there is numberhing to show that the tax deducted was paid to U.K. Revenue and, therefore, S. 49D is number.
