https://www.taxtmi.com/caselaws?id=189455 The commentary explains that the Government Trading Taxation Act, 1926 was treated as within the legislative competence of the Government of India and capable of applying to a protected State carrying on business. It describes the Patiala State Bank as being assessed on the footing of a deemed company under the Indian Income-tax Act, 1922, with income accruing or arising in British India remaining taxable despite the State-owned character of the concern. It also notes that investment income, receipts from property taken over in satisfaction of debt, and profits on sale of investments were treated as business-related taxable receipts. en-us Tue, 08 Oct 1940 00:00:00 +0530 Tue, 10 Jan 2017 15:41:42 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=189455 The commentary explains that the Government Trading Taxation Act, 1926 was treated as within the legislative competence of the Government of India and capable of applying to a protected State carrying on business. It describes the Patiala State Bank as being assessed on the footing of a deemed company under the Indian Income-tax Act, 1922, with income accruing or arising in British India remaining taxable despite the State-owned character of the concern. It also notes that investment income, receipts from property taken over in satisfaction of debt, and profits on sale of investments were treated as business-related taxable receipts. Case-Laws Income Tax Tue, 08 Oct 1940 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=189455