https://www.taxtmi.com/caselaws?id=191768 Exemption under Section 15B of the Income-tax Act, 1922 applies only to sums included in the assessable income of the relevant year and otherwise chargeable to tax. Amounts drawn from earlier years, past savings, or other funds not forming part of that year's assessable income fall outside the scope of the exemption. The scheme distinguished such amounts from income excluded under Section 4(3), while Section 16(1)(a) confirmed that Section 15B exemptions still operate within the assessment computation. On that basis, sums of earlier-year origin were not eligible for exemption under Section 15B(1) read with the proviso to Section 15B(2). en-us Thu, 11 Jun 1953 00:00:00 +0530 Thu, 20 Apr 2017 12:52:24 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=191768 Exemption under Section 15B of the Income-tax Act, 1922 applies only to sums included in the assessable income of the relevant year and otherwise chargeable to tax. Amounts drawn from earlier years, past savings, or other funds not forming part of that year's assessable income fall outside the scope of the exemption. The scheme distinguished such amounts from income excluded under Section 4(3), while Section 16(1)(a) confirmed that Section 15B exemptions still operate within the assessment computation. On that basis, sums of earlier-year origin were not eligible for exemption under Section 15B(1) read with the proviso to Section 15B(2). Case-Laws Income Tax Thu, 11 Jun 1953 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=191768