1968 (8) TMI 20

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....-tax Act, 1922. We are concerned with the first question alone, because the second has been answered in favour of the assessee and no appeal has been filed by the revenue against the decision on that question. The question which was decided against the assessee reads as follows : " Whether the interest on securities issued by the erstwhile Indian States of Travancore and Cochin is assessable und....

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....y the State Government. " The appellant-bank contended that the securities of the Indian State of Travancore and Cochin were State Government securities and relied upon the definition of State Government in section 3(60) of the General Clauses Act. The High Court rejected the contention holding that the securities were " Government securities " within the meaning of section 3(24) of the General ....