HOWRAH TRADING CO LIMITED Vs. COMMISSIONER OF INCOME TAX CENTRAL CALCUTTA

JUDGEMENT

(1.) M/s. Howrah Trading Company, Ltd., Calcutta (hereinafter called the assessee) obtained on April 28, 1955, a certificate under S. 66A(2) of the Indian Income-tax Act from the Calcutta High Court, to appeal to this Court against the judgment dated August 31, 1954, in Income-tax Reference No. 57 of 1953. The Divisional Bench (Chakravarti C. J. and Lahiri J.) in the judgment under appeal merely followed their earlier judgment delivered the same day in Income-tax Reference No. 22 of 1953, since reported as Hindustan Investment Corporation vs. Commissioner of Income-tax, 1955-27 ITR 102. It is the latter judgment which gives the reasons for the decision.

(2.) The facts of the case hake been stated with sufficient fulness, yet briefly, in the statement of the case submitted by the Income-tax Appellate Tribunal (Calcutta Bench) and may be conveniently set out in its own words:

(3.) The assessee contends that the decision of the High Court is erroneous, and that it is entitled to have the dividend income 'grossed up' under S. 16(2) and also to claim credit for tax deducted at source, under S. 18(5) of the Income-tax Act.