https://www.taxtmi.com/caselaws?id=38619 Section 2(17)(ii) of the Income-tax Act, 1961 was construed to treat "was assessable" as referring to status rather than to actual assessable income in the relevant year. The Court read the words in the context of the statutory scheme and the Finance Acts, and held that requiring actual assessment would make the alternative phrase "was assessed" redundant and produce anomalous results. Because the foreign association was formed under the British Companies Act and fell within the definition of "company" under the Indian Income-tax Act, 1922, it was capable of being assessed only as a company. The question was answered in the affirmative in favour of the assessee. en-us Tue, 04 May 1976 00:00:00 +0530 Wed, 07 Apr 2010 16:04:50 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=38619 Section 2(17)(ii) of the Income-tax Act, 1961 was construed to treat "was assessable" as referring to status rather than to actual assessable income in the relevant year. The Court read the words in the context of the statutory scheme and the Finance Acts, and held that requiring actual assessment would make the alternative phrase "was assessed" redundant and produce anomalous results. Because the foreign association was formed under the British Companies Act and fell within the definition of "company" under the Indian Income-tax Act, 1922, it was capable of being assessed only as a company. The question was answered in the affirmative in favour of the assessee. Case-Laws Income Tax Tue, 04 May 1976 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=38619