- (1.) Though several contentions were raised in these appeals, it is sufficient to refer only to one submission upon which they can be disposed of. We shall state the facts in State Bank of Travancore v. Kottayam municipal Council. The facts in all other appeals are identical in material particulars.
(2.) The Travancore Bank Limited was incorporated under the Travancore companies Regulation, IX of 1114. On the enactment of the State Bank of india (Subsidiary Banks) Act, 1959, which was brought into force with effect from 1-1-1960, a new bank called State Bank of Travancore (appellant herein) was constituted under the provisions of the said Act and the undertaking of the Travancore Bank Limited was vested in the newly-constituted bank.
(3.) Under the Travancore District Municipalities Act, 1116 (1941) , profession tax was levied by Section 91. The rates of tax were provided by rule 16 of the Second Schedule to the Act. The Rule reads as follows: "class Half-yearly income Rs Maximum half-yearly tax rs Chs i More than 21,000 275 0 10 iii -do-150 but not more than 300 0 14 provided that a company whose half-yearly income is more than rupees twenty-one thousand shall notwithstanding anything contained in this or any other rule, pay in addition to the maximum half-yearly tax of rupees two hundred and seventy-five an additional half-yearly tax on such excess calculated at the rate of one rupee per hundred rupees or part thereof. ";