TMI Blog1998 (4) TMI 55X X X X Extracts X X X X X X X X Extracts X X X X ..... assessee-company is wholly owned by the Government of India. While computing the total income for the assessment year 1982-83 for which the accounting year ended on December 31, 1981, the Inspecting Assistant Commissioner (Assessment) included a sum of Rs. 2,39,166, representing the tax deducted at source by the foreign Governments out of dividends and interest on the ground that the assessee disc ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... . N. S. Hobbs [1979] 116 ITR 20, upheld the order of the Commissioner (Appeals). It is on these facts that the Tribunal, at the instance of the Revenue, referred the question of law as below under section 256(1) of the Income-tax Act, 1961, for the opinion of this court : "Whether, on the facts and in the circumstances of the case, the Tribunal was correct in law in holding that only the net d ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... that at the time, while the Tribunal decided the issue, the decision of the Supreme Court in CIT v. Clive Insurance Co. Ltd. [1978] 113 ITR 636, was not brought to its notice. If that decision of the Supreme Court had been cited before the Tribunal, sure it is, we rather feel that the Tribunal would not have followed the ratio laid down by the Kerala High Court in the case of Y. N. S. Hobbs [1979] ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ncome-tax Act, 1922, to make available to the assessee double income-tax relief, subject to the fulfilment of the requirements in that regard. Having regard to section 91 providing for double income-tax relief, the gross dividend alone should be regarded as having accrued or arisen or even received by the assessee. While so laying down the dictum, the Division Bench of this court relied upon the d ..... X X X X Extracts X X X X X X X X Extracts X X X X
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