SIMPLEX MILLS LIMITED Vs. SUBRAMANYAM P S ITO

JUDGEMENT

(1.) THE petitioners are a limited company registered under the Indian Companies Act, 1913. For the assessment year 1952 -53 the petitioners made an advance payment of tax amounting to Rs. 10,75,017 -9 -0 pursuant to the provisions of section 18A(1) of the Indian Income -tax Act, 1922. On 30th August, 1952, the petitioners were regularly assessed under section 23(3) of the Act for the said assessment year. The petitioners' total income for that year was determined to be Rs. 14,93,269, and a sum of Rs. 6,46,329 -9 -0 was determined as being the amount of tax payable by the petitioners for the said assessment year.

(2.) UNDER the provisions of section 18A(5) of the Act, as it then stood, it was provided as follows :

(3.) ON 24th May, 1953, the Income -tax Amendment Act of 1953 was passed. By section 13 of the amending Act the following proviso was added to section 18A(5) :