COMMISSIONER OF INCOME TAX Vs. MALAYALAM PLANTATIONS LIMITED

JUDGEMENT

(1.) This is a reference by the Income Tax Appellate Tribunal, Madras 'B' Bench, under S.66(1) of the Indian Income Tax Act, 1922. The question referred is:

(2.) The assessment years concerned are 1955-56 and 1956-57. The estate duty paid and claimed as a deduction for 1955-56 amounts to 2,605-9-4, and for 1956-57 to 3,809-1-6.

(3.) Sub-section (1) of S.10 of the Indian Income tax Act, 1922 provides that the tax shall be payable by an assessee under the head ''Profits and gains of business, profession or vocation" in respect of the profits or gains of any business, profession or vocation carried on by him, and sub-section (2) that such profits or gains shall be computed after making the allowances specified in that sub-section. The last of the allowances specified therein -- the allowance specified in S.10(2)(xv) -- is :