TaxTMI 
TaxTMI 
TaxTMI 
1968 (3) TMI 22
X X X X Extracts X X X X
X X X X Extracts X X X X
....r section 66(1) of the Indian Income-tax Act relates to the assessment years 1953-54 to 1955-56. The assessee, one KV. AL. M. Ramanathan Chettiar, who is now dead and succeeded by his legal representatives, was doing money-lending business in Malaya as well as in this country. It appears, he also owned rubber gardens in that foreign territory. The point in the reference turns on the proper applica....
X X X X Extracts X X X X
X X X X Extracts X X X X
....modified by the Commissioner ? " The two common questions for the last two years are much to the same effect. It may be seen that all these questions, as we said, revolve on the effect of section 49D on the facts. On a certain view of the section the Income-tax Officer gave double taxation relief which was not acceptable to the Commissioner of Income-tax who re-computed the relief which necessita....
X X X X Extracts X X X X
X X X X Extracts X X X X
....ome, the loss in India under a similar head alone could be deducted and the Indian income from other sources could not be taken into account at all. It was on this process of reasoning he arrived at the figure of Rs. 1,53,674 for computing the double tax relief. In our opinion, the conclusion arrived at by the Commissioner of Income-tax is correct. But we are not prepared to go by the mode of the....
X X X X Extracts X X X X
X X X X Extracts X X X X
....e the enquiry in a wrong perspective. Section 49D grants relief on " such doubly taxed income " which has reference to the factual double incidence under two different jurisdictions of tax on identical amount of income. Whatever reasoning or process is applied, its sole purpose cannot but be to reach that factual doubly taxed income, that is to say, an identical income on which two taxes have been....