1973 (7) TMI 27

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....sed in this case and referred to us by the Income-tax Appellate Tribunal, Cochin Bench, is in these terms : " Whether, on the facts and in the circumstances of the case, the Tribunal was right in law in holding that the assessee was not entitled to deduction of Rs. 31,675 being the excise duty actually paid by it in 1962, on the ground that the liability therefore had arisen in 1952 ? " The ....

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....ility cannot be taken into account in computing the income for the year 1962, for the assessment year 1963-64. Apart from any reference to any decision, by merely reading section 13 of the Indian Income-tax Act, 1922, and section 145 of the Income-tax Act, 1961, one would have thought that, the income chargeable under the head " Profits and gains of business or profession " or " Income from oth....

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....be taken into account for computing the income for the relevant year. This is the principle of the decision of the Madras High Court in Pope The King Match Factory v. Commissioner of Income-tax. This decision has been specifically approved by the Supreme Court in the decision in Kedarnath Jute Mfg. Co. Ltd. v. Commissioner of Income-tax. Counsel for the assessee invited our attention to the dec....

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....ian Income-tax Act have to be construed on their own terms without drawing any analogy from English statutes whose terms may superficially appear to be similar. We think that the section itself is clear and if there is any ambiguity, the matter has been settled beyond any possibility of controversy by the decision of the Supreme Court in Kedarnath Jute Mfg. Co. Ltd. v. Commissioner of Income-ta....