COMMISSIONER OF INCOME TAX Vs. BANGALORE WOOLLEN COTTON AND SILK MILLS COMPANY LIMITED

JUDGEMENT

(1.) THIS reference made at the instance of the Commissioner of Income-tax in Mysore by the Income-tax Appellate Tribunal under section 66(1) of the Income-tax Act involves the interpretation of clause (i) of the proviso to Item B of Part I of Schedule I to the Finance Act, 1955, which reads : <FRM>JUDGEMENT_367_ITR48_1963Html1.htm</FRM>

(2.) THIS is how the question arises.

(3.) THE two conditions to be established under the Finance Act, 1955, in order that the assessee company could claim a rebate are that its total income, as reduced in the manner specified, exceeded the amount of the declared dividends and that the provisions of section 23A of the Income-tax Act could not have been made applicable to it. THEse are the requirements of the Finance Act, 1955.