B of Part 1 of the Third and First Schedules of the Finance Acts, 1949 and 1950 respectively, assessed the difference in each year to additional income tax, and charged income tax at the rate of 5 annas in the rupee on the amounts for the two assessment years.
76,886.
3,312 respectively.
After adjustment of depreciation allowance and other deductions, the income of the assessee Company was finally assessed at Rs.
Appeal from the judgment and order dated September 9, 1955, of the Bombay High Court in Income tax Reference No.
3,423 and Rs.
The case was then referred to a third Member, who agreed with the President.
46,024 in the first year and Rs.
for the respondent.
1,22,469 and Rs.
CIVIL APPELLATE JURISDICTION Civil Appeal No.
May 4.
A. Palkhivala, B. K. B. Naidu and 1.
The assessee Company declared a dividend of Rs.
N. Rajagopal Sastri and D. Gupta, for the appellant.
For the assessment years 1949 50 and 1950 51, the book profits of the assessee Company were respectively Rs.
The Commissioner of Income tax, Bombay is the appellant before us, and the Jalgaon Electric Supply Co., Ltd. the assessee Company is the respondent.
The High Court answered the first question in the affirmative and the second, in the negative.
N. Shroff.
477 of 1957.
In the Tribunal, there was a difference of opinion between the President and the Accountant Member, the former holding that the assessee Company was number liable and the latter, that it was.
37/x of 1954.
The Judgment of the Court was delivered by HIDAYATULLAH, J. This appeal is with a certificate granted by the High Court against its judgment and order dated September 9, 1955, in a reference under s. 66 1 of the Indian Income tax Act.
The assessee Company appealed first to the Appellate Assistant Commissioner and then to the Tribunal.
Whether the assessee Company is liable to pay additional income tax in respect of the excess dividend paid by the assessee Company ?
The Tribunal had referred the following questions for the decision of the High Court Whether there was any excess dividend declared by the assessee Company ?
56,326 in the next.
The Income tax Officer, applying the Proviso to Para.
The facts of the case are simple.
