https://www.taxtmi.com/caselaws?id=7484 The High Court upheld the validity of the additional surcharge on residual income imposed by the Income-tax Officer on a cooperative bank for the assessment year 1963-64. The court determined that the Finance Act could subject exempt income to such surcharge, even if the income was exempt from regular income tax under the Income-tax Act. The court clarified that exempt income formed part of the total income and could be subject to additional surcharge. The petition was dismissed, and the petitioner was directed to pay costs and counsel's fees. en-us Tue, 15 Oct 1968 00:00:00 +0530 Fri, 20 Feb 2009 16:35:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=7484 The High Court upheld the validity of the additional surcharge on residual income imposed by the Income-tax Officer on a cooperative bank for the assessment year 1963-64. The court determined that the Finance Act could subject exempt income to such surcharge, even if the income was exempt from regular income tax under the Income-tax Act. The court clarified that exempt income formed part of the total income and could be subject to additional surcharge. The petition was dismissed, and the petitioner was directed to pay costs and counsel's fees. Case-Laws Income Tax Tue, 15 Oct 1968 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=7484