COMMISSIONER OF INCOME TAX KERALA AND COIMBATORE Vs. HELEN RUBBER INDUSTRIES LTD

JUDGEMENT

(1.) THE Judgment of the court was delivered by

(2.) THE Commissioner of IncomeTax, Kerala and Coimbatore, has filed this appealagainst the judgment and order of the High courtof Kerala dated 31/10/1958, by which theHigh court answered in favour of the respondent(Helen Rubber Industries, Ltd., Kottayam) thefollowing question:`Whether under the provisions of theIndian Income-tax Act the petitioner isentitled to carry forward the loss for aperiod of six years notwithstanding the factthat during the period when the loss hadoccurred, the law applicable was theTravancore Income-tax Act ?`THE High court has granted a certificate under s.66A(2) of the Income-tax Act. Two questions werereferred to the High court in compliance with anearlier order of the High court under s. 66(2);but with the other question, we are not concernedin this appeal.

(3.) THIS position taken by the assessee Companycan hardly be considered in view of the provisionsof s. 32 of the Travancore Act, read with theRemoval of Difficulties Order passed in 1950.Section 32 of the Travancore Act was areproduction of the Indian s. 24(2) except for achange of thedates mentioned therein, due obviously to the factthat the Travancore Act came into force on thefirst day of Chingom, 1122 M. E. (August, 17,1946). It is enough to point out that instead of`31st March`, wherever they occurred, the words`the last day of Karkadakom` (August, 16) weresubstituted, and instead of the years, 1940, 1941,1942, 1943 and 1944, were substituted theMalayalam years, 1122 (17/8/1946 to 16/8/1947),1123 (17/8/1947 to 16/8/1948), 1124 (17/8/1948 to16/8/1949), 1125 (17/8/1949 to 16/8/1950), and1126 (17/8/1950 to 16/8/1951). These were the onlydifferences between the two sections, and s. 24(2)of the Indian Income-tax Act, so modified, can beread as s. 32 of the Travancore Act.