appeal by certificate from the judgment and order dated september 27 1967 of the madras high companyrt in t. c. number 219 of 1965.
d. sharma and r. n. sachthey for the respondent.
the judgment of the companyrt was delivered by jaganmohan reddy j. this appeal is by certificate against the judgment of the madras high companyrt on a reference under s. 256 1 of the income tax act 1961 hereinafter called the act answering the question referred to it by the tribunal against the assessee.
during the relevant accounting period 1962 63 the assessee paid wealth tax of rs.
civil appellate jurisdiction civil appeal number 1671 of 1969.
the income tax officer rejected the claim on the ground that there was numberdirect or immediate companynection between the payment of the wealth tax and the earning of the dividend income.
21963/ in respect of the shares held by him and claimed to have this amount deducted from the dividend income and interest as an expenditure allowable under s. 57 iii of the act.
swaminathan d. p. mohanthy and s. gopalkrishna for the appellant.
in the subsequent appeals against this order both the appellate assistant commissioner as well as the tribunal company firmed the order of the income tax officer.
