The assessment order for the year 1955 56 showed a profit of Rs.
12,6,524/ .
Purshottam Pricumdas, F. S. Nariman, R. N. Modi, S. N. Andley, Rameshwar Nath and P.L. Vohra,for the appellant.
M.,C. Setalvad, Attorney General for India, S.T. Desai, S. Banaji and K. L. Hati, for respondent.
We number companye to the details of the dispute that arose between the parties.
3,196.25 in respect of its general department.
Appeal by Special leave from the order dated August 3, 1959, of the Life Insurance Tribunal, Nagpur, in case No.
November 8.
The present appeal is against the judgment of the Tribunal.
The judgment of the Court was delivered by SARKAR, I. The appellant used to carry on both life and other kinds of insurance business It was what is called in the Life Insurance Corporation Act, 1956 a companyposite insurer.
The respondent Corporation claimed a part of those refunds under s. 7 and this claim was resisted by the appellant.
386 of 1961.
12,867.58 was found refundable to the appellant.
The respondent Corporation was created by this Act on September 1, 1956.and under s. 7 of the Act the terms of which we will have to set out later, all rights appertaining to the life insurance business of an insurer, which in the Act is called the companytrolled business, because vested in the respondent Corporation on the appointed day, that is, September 1, 1956.
In each of these years various sums became due to the appellant as interest on securities and as dividends on shares held by it.
48,271.56 on account of taxes earlier paid in respect of its life department I and in the sum of Rs.
CIVIL APPELLATE JURISDICTION Civil Appeal No.
The previous years of the appellant for the assessment years 1950 56 and 1956 57 were respectively the calendar years 1954 and 1955.
This dispute was taken to the Life Insurance Tribunal for decision under the Act of 1956 and this Tribunal decided it in favour of the respondent Corporation.
Under the orders of assessment to income tax for the years 1955 56 and 1956 57, the appellant became entitled to certain refunds under the provisions of the Income tax Act, 1922.
3,245.25 on the same account in respect of its general department.
The assessment orders in respect of the aforesaid assessment years earlier mentioned, showed that in the first assessment year credit had been given to the appellant in the sum of Rs.
The figures of taxes earlier paid for which credit had been given in its assessment for the second assessment year were, Rs 48,271 56 in respect of the life department and Rs.
24/XII of 1959.
The appellants income for the assessment year 1955 56 was assessed on September 29, 1956, and later revised on May 21, 1957, and for the year 1956 57, on January 31, 1957.
The tax due on this income being less than the tax for which credit had been given as tax previously paid, a sum of Rs.
