Law:

Section:

Section 60A of the Indian Income-tax Act, 1922, read with clause 13(v) of the Merged States (Taxation Concessions) Order, 1949 - Exemption - Income of co-operative societies in merged States - Assessment years 1961-62 to 1969-70 - Assessee, a registered co-operative society, filed its return for assessment year 1961-62 before commencement of the Income-tax Act, 1961 and claimed exemption from income-tax under clause 13(v) of the Merged States (Taxation Concessions) Order issued under section 60A of the 1922 Act - Whether assessee was entitled to exemption for assessment year 1961-62 - Held, yes Section 80P, read with section 297(2)(1), of the Income-tax Act, 1961 and clause 13(v) of the Merged States (Taxation Concessions) Order, 1949 - Deductions - Income of co-operative societies - Assessment years 1962-63 to 1969-70 - Whether when section 80P of 1961 Act also provided for assessment of income of co-operative societies, Merged States (Taxation Concessions) Order ceased to have effect after coming into force of the 1961 Act in view of section 297(2)(1) and, therefore, assessee was not entitled to exemption under said Order - Held, yes FACTS The assessee was a registered co-operative society, belonging to a State which merged with the Indian Union in 1949. Under the provisions of section 60A of the 1922 Act, the Merged States (Taxation Concessions) Order was passed, according to clause 13(v) whereunder, a co-operative society registered under any Act in force in the merged State was exempted from income-tax. The assessee claimed exemption under the said Order from payment of income-tax upon its profits for the assessment years 1961-62 to 1969-70. The AAC negatived its claim and so did the Tribunal on appeal. On reference, the revenue contended that the Merged States (Taxation Concessions) Order, insofar as it provided for exemption to the business income of a co-operative society, ceased to have force by virtue of section 297(2)(1) of the 1961 Act. HELD The assessment of the assessee for the assessment year 1961-62 was completed under the 1922 Act. It indicated that the assessee had filed its return for the said assessment year prior to the commencement of the…

Deprecated: trim(): Passing null to parameter #1 ($string) of type string is deprecated in /home/digixyei/sldsystempk.com/view/master-layout/view_case.php on line 492