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1 - 10 of 12 (0.29 seconds)Section 14 in The Income Tax Act, 1961 [Entire Act]
Section 8 in The Income Tax Act, 1961 [Entire Act]
Section 18 in The Income Tax Act, 1961 [Entire Act]
Section 10 in The Income Tax Act, 1961 [Entire Act]
Section 10 in Income Tax Rules, 1962 [Entire Act]
The United Commercial Bank ... vs The Commissioner Of Income-Tax,West ... on 23 May, 1957
derived from any Security of the central Government or a
State Government , it is therefore , Necessarily referable
to section 14(b) so far as the head of income is concerned,
and section 18 so far as the type of securities , interest
from which has to be computed in arriving at the income of
the assessee. It does not make any distinction between a
non-resident company or any other individual assessee. That
being the position in allowing adjustment in computing the
chargeable profits of a previous year of an assessee from
the total income computed for the year under the Income Tax
Act what would be deducted so far as interest on security
derived from the Central Government or state Government is
concerned in accordance with Clause VI of Rule I of First
Schedule has no application . Clause X Provides for an
additional deduction to be made in case of a non-resident
company if the said company has derived any income by way of
interest which it received from government or local
authority or any Indian concern which is not covered by
Clause VI. In the case of United Commercial Bank Ltd. Vs.
Commissioner of Income-Tax, West Bengal 32 Income Tax
Reports 1957 page 688, the question for consideration before
this court was whether income from interest on security
Would fall under section 8 or under section 10 of the Income
Tax Act, 1922? This court construed sections 8, 10 and
24(2)of
versa, and therefore no question of
the applicability of the principle
generalia speciialibus non derogant
arises. This finds support from the
decided cases which have been
discussed above. Thus both the
precedent and on a proper
construction , the source of income
"Interest on Securities" would fall
under section 8 and not under
section 10 as it is specifically
made chargeable under the distinct
head "interest on securities"