9911796707
TMI Blog1974 (10) TMI 22X X X X Extracts X X X X X X X X Extracts X X X X ..... directing the Income-tax Officer, Circle II, not to proceed with the proposed revised assessment for the assessment year 1966-67, in pursuance of his notice dated March 2, 1971, in G.I. No. I-M/1966-67. The petitioner was assessed for the assessment year 1966-67 by an order dated November 26, 1966, as rectified in the order dated 27th May, 1968. The assessee claimed deduction in respect of intere ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... tal assessable income no change happened because of this reallocation, the result of such reallocation deprived the assessee of the benefit of sections 85 and 85A in respect of the dividend income. After this assessment for the assessment year 1970-71, the Income-tax Officer issued a notice under section 147(b) proposing to revise the assessment for the year 1966-67 and calling for objections. The ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... der sections 80M and 80K in respect of dividend income is with reference to only the net income and not the gross dividend. It is in this view he considered that income has been made the subject of excessive relief in the assessment year 1966-67. In a recent judgment in Commissioner of Income-tax v. Madras Motor and General Insurance Co. Ltd. (T.Cs. Nos. 119 and 120 of 1968) we have held that unde ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ion 99(1)(iv) and section 80K are similar and in both cases the rebate is to be allowed on the dividend income. There being no restrictive words similar to " net dividend " in the section we are unable to accept the contention that the rebate is to be allowed only on the net dividend. If this view were to be accepted then we cannot say that there was any excessive relief in respect of any income a ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... elief in the light of the judgment in Commissioner of Income-tax v. Madras Motor and General Insurance Co. Ltd. (T.Cs. Nos. 119 and 120 of 1968). This ground itself is enough to issue the writ of prohibition prayed for. We are, therefore, not going into other questions particularly as to whether the Income-tax Officer could be said to have changed his opinion and, therefore, section 147(b) is not ..... X X X X Extracts X X X X X X X X Extracts X X X X
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