ALUMINIUM INDUSTRIES LIMITED Vs. COMMISSIONER OF INCOME TAX

JUDGEMENT

(1.) THIS is a reference at the request of the assessee by the Income-tax Appellate Tribunal, Madras Bench. The assessee is a public limited company, the Aluminium Industries Limited, Kundara.

(2.) THE assessment year concerned is 1963-64; and the accounting period, the 12 months ended on March 31, 1963. THE question referred is :

(3.) IT is the excess of the chargeable profits over the standard deduction that attracts the tax at the rate or rates specified in the Third Schedule.