BOMBAY ELECTRIC SUPPLY AND TRAMWAYS CO LTD Vs. IN RE

JUDGEMENT

(1.) UPON the Reference of the Commissioner of Income-tax for the Bombay Presidency, Sind and Baluchistan dated the seventh day of October one thousand nine hundred and thirty seven arising out of the Order of the Assistant Commissioner of Income-tax, B Division, Bombay, in the above matter dated the first day of February one thousand nine hundred and thirty seven in appeal on the grounds mentioned in the petition herein dated the second day of April one thousand nine hundred and thirty seven being this day called on for hearing the said Commissioner and the above named Assessee, the Bombay Electric Supply and Tramways Company Limited appearing respectively by Advocates and upon reading the said Reference and the Order passed on the first day of February one thousand nine hundred and thirty seven by the Assistant Commissioner of Income-tax, B Division, Bombay, and upon the said parties by their respective Advocate hereby consenting to the following Order This Court by and with such consent Doth Answer the question referred to in the said Reference in the negative and Doth Declare that it is hereby agreed that in the circumstances of the case the Income-tax Officer had not rightly included in the income liable to tax the amount of Rupees one lac twenty nine thousand and twenty five on account of interest on sterling securities on the ground that though the said income accrued and arose in England, it was subsequently brought into British India within the meaning of Section 4 (2) of the Act and so was to be deemed to have accrued and arisen in British India under the said Section And This Court by and with such consent Doth Order that the Commissioner of Income-tax, Bombay Presidency, Sind and Baluchistan do pay to the said Assessee, the Bombay Electric Supply and Tramways Company Limited their costs of the said Reference and of this order when taxed and noted in the margin hereof Witness Sir John William Fisher Beaumount, Knight, Chief Justice at Bombay aforesaid this fifteenth day of March one thousand nine hundred and forty.

(2.) REFERENCE answered in the negative.