TaxTMI 
TaxTMI 
1981 (3) TMI 14
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.... referred at the instance of the Commissioner of Income-tax and it reads thus : " Whether the Tribunal was right in holding that since the assessee had sufferred a loss in the assessment year 1968-69 and since there was no liability to basic tax, the question of levy of additional tax in respect of excess dividends did not arise under the provisions of the Finance Act, 1968, for the assessment year 1968-69 ? " It is not in dispute that the assessee is a company which falls within the description of a " domestic company " as specified in Para. F mentioned in the First Schedule to s. 2 of the Finance Act, 1968. It is provided therein that the rate of income-tax in the case of a company which falls under cl. (i) or (ii) or (iii) of 1(B) ....
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....visions of Para. F of the First Schedule under s. 2 of the Finance Act, 1968, can arise. Existence of income is a condition precedent to the chargeability to income-tax in respect of the previous year. The view taken by the Tribunal is, therefore, unexceptionable. Question No. 4, referred to this court, must, therefore, be answered in the affirmative and against the Revenue. In the result, the questions referred to us are answered as under : Questions Answe....
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....s, for the assessment years of the assessee in view of the 1968-69 and 1969-70, respectively ? fact that the point is concluded by a decision in Addl. CIT 3. Whether, on the facts and in v. Tarun Commercial Mills the circumstances of the case, the [1978]113 ITR 745 (Guj). Tribunal was right in holding that Ltd. the value of perquisites as allowed to the directors was not hit b....
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....; Rustam Jehangir Vakil Mills the visions of cl. 120(1)(b) of the Ltd. [ 1976]103 ITR 298 (Guj). Cotton Textile (Control) Order, 1948, was business expenditure allowable unde....