Kerala Court October 1968 Judgments

C.M. Francis and Co. (P.) Ltd. Vs. Commissioner of Income-tax

Court: Kerala

Reported in: [1970]77ITR449(Ker)

Isaac, J.1. These two references have been made by the Madras Bench of the Income-tax Appellate Tribunal, as directed by this court on the application of the assessee, who is the same in both these cases. Income-tax Reference Case No. 55 relates to the assessment year 1961-62, while the other reference relates to the assessment year 1962-63, The assessment for the year 1961-62 is governed by the Indian Income-tax Act, 1922, while the assessment for the year 1962-63 is governed by the Income-tax Act, 1961, The question referred in Income-tax Reference Case No. 55 of 1967 is :'Whether the Tribunal was justified in applying the proviso to Section 13 of the Indian Income-tax Act, 1922, to the facts of the case?'2. The question in the other reference is practically the same, the only difference being that instead of the proviso to Section 13 of the Indian Income-tax Act, 1922, it refers to the proviso to Section 145 of the Income-tax Act, 1961.3. The assessee is a private limited company do...