1968 (10) TMI 22

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..... ure of assessee is liable to tax - Held, yes - - - - - Dated:- 15-10-1968 - Judge(s) : VEERASWAMI., RAMAPRASADA RAO. JUDGMENT The judgment of the court was delivered by VEERASWAMI J.-This petition turns on the application of section 53 of the Finance Act, 1964, to the expenditure incurred by the deceased, Shanmugha Raja, between July 1, 1962, and March 11, 1963. After his death on March .....

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..... no liability to return at all as the petitioner had been called upon to do. The section uses the phraseology " for every financial year commencing on or after the first day of April, 1964 ". Mr. Vedantachari, for the petitioner, contends that having regard to this language, charge to expenditure-tax would arise only in respect of expenditure incurred subsequent to April 1, 1964. In any case, he wo .....

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..... from April 1, a tax at the specified rate in respect of expenditure incurred in the previous year. "Assessment year " is defined by section 2(d) as the year for which tax is chargeable under section 3. It follows, therefore, that the financial year mentioned in section 3 is the same as "the assessment year ". The charge for the assessment year is in respect of the expenditure incurred in the prev .....

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