https://www.taxtmi.com/caselaws?id=276738 A valid notification under section 60A granting full exemption for specified interest on tax-free securities prevailed over the computational machinery of section 8 of the Indian Income-tax Act, 1922. Because the notification separately governed inclusion of the interest for section 16 purposes, the Explanation to section 8 could not be used to reduce the exemption or restrict the rebate. The broader argument that "State Government" in the third proviso should be confined to former Provincial Governments was rejected as unsupported by the statutory language. The interest was accordingly entitled to rebate of income-tax, and the reference was answered in favour of the assessee. en-us Tue, 19 Feb 1963 00:00:00 +0530 Fri, 16 Nov 2018 15:18:48 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=276738 A valid notification under section 60A granting full exemption for specified interest on tax-free securities prevailed over the computational machinery of section 8 of the Indian Income-tax Act, 1922. Because the notification separately governed inclusion of the interest for section 16 purposes, the Explanation to section 8 could not be used to reduce the exemption or restrict the rebate. The broader argument that "State Government" in the third proviso should be confined to former Provincial Governments was rejected as unsupported by the statutory language. The interest was accordingly entitled to rebate of income-tax, and the reference was answered in favour of the assessee. Case-Laws Income Tax Tue, 19 Feb 1963 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=276738