TMI Blog1968 (8) TMI 20X X X X Extracts X X X X X X X X Extracts X X X X ..... Travancore and Cochin was assessable u/s 8 of the Act not u/s 12 of the Act - Assessee's appeal is allowed - - - - - Dated:- 13-8-1968 - A. N. GROVER., J. C. SHAH. and V. RAMASWAMY. JUDGMENT SHAH J.--- Two questions were referred by the Tribunal to the High Court of Allahabad under section 66(1) of the Indian Income-tax Act, 1922. We are concerned with the first question alone, because ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... r of the State Government or on debentures or other securities for money issued by or on behalf of a local authority or a company. The third proviso to that section provides : " Provided further that the income-tax payable on the interest receivable on any security of a State Government issued income-tax free shall be payable by the State Government. " The appellant-bank contended that the s ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... gislature has used by another expression which it has not used. The question is covered by a judgment of this court in Commissioner of Income-tax v. H. E. H. Mir Osman Ali Bahadur, where this court held, in dealing with the claim of an assessee to exemption from liability to pay tax in respect of the Hyderabad State Securities issued before the Constitution was enacted, that the assessee was entit ..... X X X X Extracts X X X X X X X X Extracts X X X X
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