https://www.taxtmi.com/caselaws?id=292814 A private agreement with the State does not, by itself, create a statutory exemption from income-tax or operate as a notification under the Income-tax Act, 1922 unless the prescribed statutory mode is followed, including competent governmental action and Gazette publication where required. The text also distinguishes assessability of income from actual recovery of tax: profits may remain assessable even if tax collection is deferred or waived by agreement. It further notes that exemption for dividend-related tax provisions depends on the income falling within the relevant exempt category, and a mistaken sub-section citation does not necessarily defeat recovery if the substantive liability otherwise exists. en-us Fri, 25 Mar 1949 00:00:00 +0530 Sat, 09 Jan 2021 10:14:32 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=292814 A private agreement with the State does not, by itself, create a statutory exemption from income-tax or operate as a notification under the Income-tax Act, 1922 unless the prescribed statutory mode is followed, including competent governmental action and Gazette publication where required. The text also distinguishes assessability of income from actual recovery of tax: profits may remain assessable even if tax collection is deferred or waived by agreement. It further notes that exemption for dividend-related tax provisions depends on the income falling within the relevant exempt category, and a mistaken sub-section citation does not necessarily defeat recovery if the substantive liability otherwise exists. Case-Laws Income Tax Fri, 25 Mar 1949 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=292814