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1968 (8) TMI 22 - SC - Income TaxApplication for Reference - there is no evidence that before Dec. 31, 1949, dividend was paid, credited or distributed to the bank. By virtue of s. 4(1)(a), the income was held properly taxable in the assessment year 1950-51. It is unnecessary therefore to consider whether even if the bank was a non-resident on July 25, 1949, by virtue of s. 4(1)(b)(ii), it was liable to be taxed in respect of the dividend income in the year of assessment 1950-51 - Assessee's appeal is dismissed
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