Court : Kerala
Decided on : Dec-03-1969
Reported in : AIR1972Ker47
Narayana Pillai, J.1. The challenge in these petitions filed lender Article 226 of the Constitution by a public limited company, the Lord Krishna Bank Ltd., and two of its directors, is to the validity of four assessment orders passed under the Income-tax Act, 1961 (43 of 1961), for short ' the Act', and relating to the years 1964-65, 1966-67, 1968-69 and 1969-70. The orders in respect of the years 1964-65 and 1966-67 relate to reassessment and those in respect of the remaining years to the original assessment itself. The challenge made is on the basis that Section 2(18) read with Section 2(41) and Section 104 read with Section 108 of the Act and the provisions of the Finance Act, 1964 (5 of 1964), authorising levy of super-tax at a rate higher than 25 per cent, of the total income, the Finance Act, 1966 (13 of 1966), authorising levy of income-tax at a rate higher than 55 per cent., the Finance Acts, 19 of 1968 and 14 of 1969, authorising levy of income-tax at the rate of 65 per cent,...
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