TaxTMI 
TaxTMI 
1989 (9) TMI 65
X X X X Extracts X X X X
X X X X Extracts X X X X
....e-tax Act, 1922, has ceased to be available to the profits of the assessee-co-operative society for the relevant assessment year 1961-62 under the said Act ? (2) Whether the total exemption from income-tax granted to the profits of any co-operative society registered under the Merged States law under clause 13(v) of the Merged States (Taxation Concessions) Order, 1949, issued under section 60A of the Indian Income-tax Act, 1922, has ceased to be available to the profits of the assessee-co-operative society for the relevant assessment years 1962-63 to 1969-70 inasmuch as a provision in this regard within the meaning of section 297(2)(1) of the Income-tax Act, 1961, had been made under section 81/80P of the Act ? (3) Whether the Tribunal ....
X X X X Extracts X X X X
X X X X Extracts X X X X
....ssary or expedient so to do for avoiding any hardship or anomaly, or removing any difficulty that might arise as a result of the extension of the 1922 Act to the merged territories, to make, by general or special order, an exemption, reduction in rate, or other modification in respect of income-tax in favour of any class of income, or in regard to the whole or any part of the income of any person or class of persons. The proviso to section 60A stated that the power conferred would not be exercisable in the case of merged territories after March 31, 1955, except for the purpose of rescinding an exemption, reduction or modification already made. Under the provisions of section 60A of the 1922 Act, the Merged States (Taxation Concessions) Or....
X X X X Extracts X X X X
X X X X Extracts X X X X
....vided for an exemption to the business income of a co-operative society, ceased to have force. It is not necessary to consider the relevant provision in the 1961 Act at this stage because, to the assessment of the assessee for the assessment year 1961-62, the provisions of clause (a) of sub-section (2) of section 297 would apply, namely, where a return of income had been filed before the commencement of the 1961 Act by any person for the assessment year, the proceedings for the assessment of that person for that year would be taken and continued as if the 1961 Act had not been passed. It is seen that the assessment of the assessee for the assessment year 1961-62 was completed under the 1922 Act. It indicates that it had filed its return f....