Law: Income Tax Act, 1922

Section: 66(1),16(1)(b),48,proviso(ii),55,48(1),2 3,24,23(5)(a)

Income-tax Act, 1922 -- Sections 16(1)(b), 24, 48, 55, Proviso (ii) of Part I of the Third Schedule -- Super tax -- Exemption -- Refund due on determining the total income -- Assessees partners in various firms, some of which paid super tax -- Super-tax apportioned amongst the partners in the profit sharing capacity -- Assessees suffered loss were not liable to any tax -- Super-tax attributable to the partners in profit sharing capacity and not under Sec. 16(1)(b) -- Whether justified -- Held yes -- Super-tax paid by the firm -- Whether refund could be claimed in the hands of partners who had suffered loss -- Held no -- Super-tax paid by firm -- Claim of refund by partner suffering overall loss -- Assessees partners in various firms -- Some of firms paid super-tax which was apportioned between partners as per their respective shares after payments by firms concerned -- Such partners who had suffered overall losses and were not liable to pay income-tax claimed refund of their respective shares paid by firms and debited to them on strength of proviso (ii) of Part I of Third Schedule to Act -- Held: Assessee could claim set-off or carry forward loss of one assessment year to subsequent year under section 24 of Act but no claim for refund of super-tax could be entertained under said proviso on ground that assessee partner had suffered overall loss in a particular year -- Section 48 was not applicable in circumstances -- Firm was charged with proper super-tax on computation of its income -- Liability to pay super-tax was of firm though amount of super-tax paid by firm was apportioned among partners -- Section 16(1)(b) of Act also had no relevancy for purpose of computing partners' share of super-tax which was to be allocated to partners in their respective profit sharing capacity -- Super-tax -- Refund of -- Partner can claim refund of tax amount which included income-tax and super-tax in excess of 75% or in excess of any other specified maximum percentage in Finance Act of relevant assessment year of the income for bringing down his total liability maximum of 75% but he cannot claim refund of super-tax on ground that his overall income is low or he has suffered…

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