Court : Mumbai
Decided on : Apr-17-1963
Reported in : [1963]50ITR267(Bom)
..... application of the annual finance act. thus, income is chargeable to tax independent of the passing of the finance act, but until the finance act is passed no tax can be actually levied. a comparison of section 3 and 6 of the act shows that the act recognises the distinction between chargeability and the actual operation of the charge.' 45. it is thus clear that it is the passing of the finance act that brings into operation the imposition of income-tax. in our judgment, therefore, there was no imposition of income-tax on 31st december, 1956, on the assessee, the finance act ..... does not voluntarily pay.' 43. in our view neither of ..... each of those periods there was a debt owing or accruing from the insurance committee to dr. sweeny, and it is well established that a debt ..... section 67b has been brought on the statute book obviously to get over the difficulty that may arise in the event the central act is not enacted on the 1st day of april of any year. in such a contingency this section gives continuity to the finance act of the preceding year and extends the life of the earlier finance act to the date of the passing of the finance act ..... act, 1925, the assessee company contended that the assessment must be made at the flat rate of one anna applicable to a company. on the other hand, the department contended that the tax must be levied at the rate applicable to corporations, individuals or associations not being companies, which was more advantageous to the revenue than the rate applicable .....
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