9911796707
TMI Blog1965 (12) TMI 28X X X X Extracts X X X X X X X X Extracts X X X X ..... ?" The relevant facts are these. We are concerned with the assessment year 1955-56 (accounting year being April 1, 1954, to March 31, 1955). The respondent, Dharampur Leather Company Ltd., Bombay, hereinafter referred to as the assessee-company, was incorporated on June 15, 1943, as a private limited company, and later on November 24, 1949, it became a public limited company. On August 1, 1949, the Dharampur State merged with the Province of Bombay. Before its incorporation, the promoters of the assessee-company had negotiated with the Ruler of Dharampur and secured from the Ruler total exemption from the State income-tax of profits of the company for a period of seven years from the commencement of its working. The factory commenced wor ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... he concessions granted. 6. Period for which concessions granted. 7. Unexpired period of the concessions from the 1st day of August, 1949. (2) The application shall be accompanied by a copy of the orders of the State granting the concession or of the agreement with the State. (3) The Commissioner shall, after obtaining such other information as he may require, forward the application to the Central Government which, having regard to all the circumstances of the case, may grant such relief, if, any, as it thinks appropriate. " The assessee-company contended before the Income-tax Officer in the course of the assessment proceedings for the assessment year 1955-56 that this being the first assessment year after it commenced working as ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... Laws (Merged States) (Removal of Difficulties) Order, 1949, did not include any notional allowance. Following that judgment, we must interpret the, words "actually allowed" occurring in section 10(5)(b) of the Act in the same manner. Mr. Sastri next contends that the Taxation Laws (Merged States) (Removal of Difficulties) Order, 1949, as amended by the Taxation Laws (Merged States) (Removal of Difficulties) (Amendment) Order, 1962, hereinafter referred to as the 1962 Order, applies to the facts of the case. He says that the exemption was originally given by the Ruler of Dharampur State under an agreement with the assessee-company and the concession by the Commissioner of Income-tax, vide his letter dated March 8, 1952, was in fact, a con ..... X X X X Extracts X X X X X X X X Extracts X X X X
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