LAKSHMI INSURANCE Co. LTD. vs COMMISSIONER OF INCOME-TAX, NEW DELHI — 1972 PTD 233

Citation: 1972 PTD 233

Court: Delhi High Court

Year: 1967

Decision Date: 1967-10-17

Parties: LAKSHMI INSURANCE Co. LTD. vs COMMISSIONER OF INCOME-TAX, NEW DELHI

Headnotes

Case cited as 1972 PTD 233

Judgment Text

Court Name: Delhi High Court Judge(s): Inder Dev Dua, T. V. R. Tatachari Title: LAKSHMI INSURANCE Co. LTD. vs COMMISSIONER OF INCOME-TAX, NEW DELHI Case No.: Income-tax Reference No. 32 of 1962 Date of Judgment:1967-10-17 Reported As: 1972 PTD 233 Result: Reference answered accordingly JUDGMENT JUDGMENT TATACHARI, J.---This is a reference under section 66(1) of the Indian Income-tax Act, 1922, made by the Income-Sax Appellate Tribunal, Delhi Bench "C", referring two questions of law which are said to arise out of the Tribunal's consolidated order, dated May 25, 1960, in Income-tax Appeals Nos. 8133 and 8134 of 1956-57. The assessee, the Lakshmi Insurance Co. Ltd., New Delhi, is a public limited company which carried on life insurance business. The Income-tax officer made assessments on December 30, 1954, for the years 195 t-52 and 1952-53 on the basis of tile last actuarial valuation made for the period ending December 31, 1950. The assessments were made for the said two years on total income of Rs. 1,03,381 and Rs. 59,043 respectively. The assessments are said to have been made under rule 2(b) of the Schedule to the Income-- tax Act. In computing the taxable surplus, the Income-tax Officer excluded: (i) a sum of Rs. 62,678 being dividends from the Industrial Finance Corporation of India ; and (ii) a sum of Rs. 3,40,065 as interest on securities issued by the Mysore Darbar (State Securities) by reason of a notification under section 60 of the Indian Income-tax Act, 1922.…

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