The Income Tax Reports. A Journal of the Law of Income Tax with Reports of Indian and Select English Cases

Jt has been laid down in this case that the word ' profits ' is used in the notification of the Government which exempts the profits of co-operative societies from income tax in the sense of the surplus by which the receipts from the trade or business exceed the expenditure necessary for the purpose of earing those receipts and that prima facie therefore neither interest from securities nor i [...] R. 100] shows that royalty payable to the lessor which is appropriated by the lessee under the terms of the lease for reducing the amount of the loan advanped I5y the lessee is income of the lessor. [...] We hope that in the inteests of the Government as well as the public the other Prvinces will soon follow the example of Madras and Bengal and rtain the serN ices of a lawyer who has specialised in the law of income tax as Legal Adviser to the Commissioner of Income Tax. [...] COSTELLO J. said : Giving to the words of Section 14 (2) (a) their plain meaning and without adding to or subtracting from the words of the section itself we are bound to come to the conclusion whatever the result may be that there has been assessment on the profits or gains of the copany which is sufficient to secure to the shareholders the whole of the dividends even though those dividen [...] in the recipient's capacity of a membeof C..- ramily whether the fact that the recipient was a member of the family was the cause of the payment.