{"id":27910,"date":"1969-07-25T00:00:00","date_gmt":"1969-07-24T18:30:00","guid":{"rendered":"https:\/\/www.legalindia.com\/judgments\/benaras-state-bank-ltd-vs-commissioner-of-income-tax-on-25-july-1969"},"modified":"2017-10-17T08:57:44","modified_gmt":"2017-10-17T03:27:44","slug":"benaras-state-bank-ltd-vs-commissioner-of-income-tax-on-25-july-1969","status":"publish","type":"post","link":"https:\/\/www.legalindia.com\/judgments\/benaras-state-bank-ltd-vs-commissioner-of-income-tax-on-25-july-1969","title":{"rendered":"Benaras State Bank Ltd vs Commissioner Of Income-Tax, &#8230; on 25 July, 1969"},"content":{"rendered":"<div class=\"docsource_main\">Supreme Court of India<\/div>\n<div class=\"doc_title\">Benaras State Bank Ltd vs Commissioner Of Income-Tax, &#8230; on 25 July, 1969<\/div>\n<div class=\"doc_citations\">Equivalent citations: 1970 AIR  281, \t\t  1970 SCR  (1) 669<\/div>\n<div class=\"doc_author\">Author: S C.<\/div>\n<div class=\"doc_bench\">Bench: Shah, J.C. (Cj)<\/div>\n<pre>           PETITIONER:\nBENARAS STATE BANK LTD.\n\n\tVs.\n\nRESPONDENT:\nCOMMISSIONER  OF INCOME-TAX, LUCKNOW\n\nDATE OF JUDGMENT:\n25\/07\/1969\n\nBENCH:\nSHAH, J.C. (CJ)\nBENCH:\nSHAH, J.C. (CJ)\nRAMASWAMI, V.\nGROVER, A.N.\n\nCITATION:\n 1970 AIR  281\t\t  1970 SCR  (1) 669\n 1969 SCC  (2) 316\n\n\nACT:\n      Indian  Income-tax  Act  (11 of  1922),  ss.  2(14-4),\n14(2)(c)   and\t 16(2)\tand  Adaptation\t  of   Laws   Order,\n1950--Dividend\tincome\taccruing in  Indian  State--Received\nwithin taxable territories--Liability to tax.\n\n\n\nHEADNOTE:\n      The appellant-Bank (assessee) was a share-holder in  a\ncompany\t which\tdeclared a dividend on July 25,\t 1949.\t The\nState of Benares in which the Bank had its registered office\nmerged with the Indian\tUnion on December 1, 1949.   Cheques\nfar the amount of dividend were encashed by the assessee  on\nDecember  31, 1949.  The assessee's year of account was\t the\ncalendar year. 'The. dividend was sought to be taxed in\t the\nassessment  year  1950-51, but the assessee contended  that:\n(1)  the  dividend  income  was exempt\tfrom  tax  under  s.\n14(2)(c),  as  it stood in the year of assessment;  and\t (2)\nthat it must be deemed to have been received by the assessee\neven on July 25, 1949, on which date the assessee was a non-\nresident.\n      HELD: (1) On December 1, 1949, by merger, the State of\nBenares became part of the taxable territories as defined in\ns. 2(14-A) of the Act. Hence, though the dividend might have\naccrued in an Indian State, it was received by the  assessee\nin the taxable territories on December 31, 1949, and, by the\nexpress words in s. 14(2)(c), as modified by the  Adaptation\nof Laws Order, 1950, the dividend income was not exempt from\ntax liability. [671 C--E]\n      (2) Dividend income is deemed to have been received by\nan assessee, under s. 16(2), only when it is paid,  credited\nor  distributed,  or,  is deemed to  be\t paid,\tcredited  or\ndistributed.   Though  paid  does  not\tcontemplate  'actual\nreceipt'  the dividend can only said to be  paid, not\twhen\nit   is\t declared,  but\t when  the  company  discharges\t its\nliability 'and makes the amount of dividend  unconditionally\navailable  to the member  entitled thereto.  In the  present\ncase,  there was no evidence that before December 31,  1949,\nthe dividend income was paid, credited or distributed to the\nassessee within the meaning or s. 16(2). [671 E-G; 672 A--B]\n      J.  Dalmia  v.C.I.T.  Delhi,  53\tI.T:R.\t83   (S.C.).\nfollowed.\n\n\n\nJUDGMENT:\n<\/pre>\n<p>      CIVIL APPELLATE JURISDICTION: Civil Appeal No. 1033 of<br \/>\n1966.\n<\/p>\n<p>      Appeal  by special leave from the judgment  and  order<br \/>\ndated  September 21, 1964 of the Allahabad. High,  Court  in<br \/>\nIncome-tax Misc. Case No. 121 of 1956.\n<\/p>\n<p>      S.T.  Desai, A.K. Verma and Y.B. Dadachanji,  for\t the<br \/>\nappellant.\n<\/p>\n<p>      Jagdish  Swarup, Solicitor-General, S.K.\tAiyar,\tR.N.<br \/>\nSachthey and B.D. Sharma, for the respondent.\n<\/p>\n<p><span class=\"hidden_text\">670<\/span><\/p>\n<p>    The Judgment of the Court was delivered by<br \/>\n    Shah,  Ag.\tC.J.   By order dated August  23,  1968,  we<br \/>\ncalled for a supplementary statement on the  issue   whether<br \/>\ndividend  warrants were delivered by he Glass Works to\t the<br \/>\nBank   on  August  3, 1949.  The  Tribunal  has\t submitted&#8217;a<br \/>\nstatement  of the case that the only relevant  facts  proved<br \/>\nare that the dividend was declared on July 25, 1949 and\t the<br \/>\nBank  encashed the dividend warrants on December  31,  1949.<br \/>\nThe appeal must therefore be decided on the footing that the<br \/>\ndividend warrants  were handed over to the Bank by the Glass<br \/>\nWorks on August 3, 1949, is not proved.\n<\/p>\n<p>    The material facts which have a bearing on the point  in<br \/>\nissue  are  these. The year of account of  the\tBank.is\t the<br \/>\ncalendar  year. The State of Benaras in which the  Bank\t had<br \/>\nits  registered\t office\t merged with  the  Indian  Union  on<br \/>\nDecember  1, 1949. The Glass Works declared a dividend at  a<br \/>\nGeneral\t Meeting on July  25, 1949. Cheques for\t Rs.  69,000<br \/>\nissued\tby the Glass Works in favour of the Bank in  payment<br \/>\nof  the dividend were encashed by the Bank on  December\t 31,<br \/>\n1949.\n<\/p>\n<p>    The\t dividend received by the Bank has .been brought  to<br \/>\ntax  in\t the assessment year 1950-51. Counsel for  the\tBank<br \/>\nurged that the Bank cannot be assessed to. tax in respect of<br \/>\ndividend  accruing to it at a time when the Bank was a\tnon-<br \/>\nresident. It is urged that by virtue of s. 14(2) (c) of\t the<br \/>\nIncome-tax Act, 1922, as then in force, the income  received<br \/>\nby the Bank was not liable to be taxed. At the relevant time<br \/>\ns. 14(2)(c) read as follows:\n<\/p>\n<blockquote><p>\t\t  &#8220;(2)\tThe tax shall not be payable  by  an<br \/>\n\t      assessee&#8211;\n<\/p><\/blockquote>\n<blockquote><p>\t\t   (c)\tin respect of any  income,   profits<br \/>\n\t      &#8216;or gains accruing or arising to him within an<br \/>\n\t      Indian  State, unless such income, profits  or<br \/>\n\t      gains are received or deemed to &#8216;be.  received<br \/>\n\t      in or &#8216;are brought into  British\tIndia in the<br \/>\n\t      previous\t year  by  or  on  .behalf  of\t the<br \/>\n\t      assessee, or are assessable under section\t 12B<br \/>\n\t      or section 42.&#8221;\n<\/p><\/blockquote>\n<p>By the Adaptation of Laws Order, 1950, the words &#8220;an  Indian<br \/>\nState&#8221;\twere substituted by the words &#8220;a Part B State&#8221;,\t and<br \/>\nthe  words  &#8220;British India&#8221; were substituted by\t the   words<br \/>\n&#8220;taxable  territories&#8221;.\t  Section 2(14A)&#8211;(which  was\talso<br \/>\nincorporated  by  the Adaptation of Laws Order,\t 1950,\twith<br \/>\neffect from April 1950) insofar as it is material provides:<br \/>\n\t&#8220;taxable territories&#8217; means\n<\/p>\n<p>\t(a) &#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;..\n<\/p>\n<p>\t(b) as respects any period after the 14th day of<br \/>\nAugust, 1947, and before the 26th day of January<br \/>\n<span class=\"hidden_text\">671<\/span><br \/>\n   1950, the territories for the time being comprised in the<br \/>\nProvinces  of India, but excluding the merged  territory  of<br \/>\nCooch-Behar,<br \/>\n    Provided that the taxable territories shall be deemed to<br \/>\ninclude&#8211;\n<\/p>\n<p>   (a) the merged territories&#8211;\n<\/p>\n<p>   (i) as respects any period after the\t 31st day of  March,<br \/>\n1949,. for any of the purposes of this Act, and<br \/>\n   The\tState  of Benaras after merger on December  1,\t1949<br \/>\nwith the Dominion of India formed part of the State of Uttar<br \/>\nPradesh\t and  was  on  that  account  part  of\tthe  taxable<br \/>\nterritories  by\t virtue of the definition  contained  in  s.<br \/>\n2(14A)\tof  the\t Indian Income-tax Act.\t Assuming  that\t the<br \/>\ndividend accrued within an Indian State, it was received  by<br \/>\nthe  Bank in the taxable territories on December  31,  1949,<br \/>\nand  by the express words contained in s. 14(2)(c)   of\t the<br \/>\nIndian\tIncome-tax Act, 1922, before it was omitted  by\t the<br \/>\nTaxation  Laws (Extension to Jammu &amp; Kashmir) Act, 1954,  it<br \/>\nwas not exempt from liability to payment of tax, even if the<br \/>\nright thereto had accrued to the Bank in an Indian State.<br \/>\n    It\twas then urged that the dividend must be  deemed  to<br \/>\nhave been received by the Bank on July 25, 1949&#8211;the day  on<br \/>\nwhich it was declared and on that date the Bank being a non-<br \/>\nresident it could not be brought to tax. But under s.  16(2)<br \/>\nof the Indian Income-tax Act, 1922, the dividend income\t was<br \/>\ntaxable\t only in the year in which it was paid, credited  or<br \/>\ndistributed,   or  was\tdeemed\tto  be\tpaid,  credited\t  or<br \/>\ndistributed.   This   Court   observed\tin  <a href=\"\/doc\/1774354\/\">J.\t Dalmia\t  v.<br \/>\nCommissioner  of  Income-tax, Delhi<\/a>(1) that  the  expression<br \/>\n&#8220;paid&#8221;\tin s. 16(2)  does&#8217; not\tcontemplate  actual  receipt<br \/>\nof  the dividend by the member: in general, dividend may  be<br \/>\nsaid  to  be paid within the meaning of s. 16 (2)  when\t the<br \/>\nCompany\t discharges  its liability and makes the  amount  of<br \/>\ndividend  unconditionally available to the  member  entitled<br \/>\nthereto.  It  was  also held that the  Act  does  &#8216;not\tmake<br \/>\ndividend income taxable in the year in which it becomes due:<br \/>\nit is taxable only in the year in which it is paid, credited<br \/>\nor  distributed.  The Court overruled the  decision  of\t the<br \/>\nBombay High Court in Commissioner of Income-tax v. Laxmidas.<br \/>\ns  Mulraj Khatau(2) in which it Was held that when  dividend<br \/>\nis declared, liability arises on the part of the Company  to<br \/>\nmake that payment to the shareholder ,and with regard to the<br \/>\nshareholder  when  the income represented by  that  dividend<br \/>\naccrues<br \/>\n(1) 53 I.T,R. 83 (S.C.)\t\t      (2) 16 I.T.R. 248.\n<\/p>\n<p><span class=\"hidden_text\">672<\/span><\/p>\n<p>or arises to him, and that the fact that the actual  payment<br \/>\nof the income is deferred is immaterial and irrelevant.<br \/>\n   In  the  present case there is no  evidence\tthat  before<br \/>\nDecember   31,\t 1949,\tdividend  was  paid,   credited\t  or<br \/>\ndistributed  to\t the Bank. By virtue of s.  4(1)(a)  of\t the<br \/>\nIncome-tax  Act, 1922, the income was held properly  taxable<br \/>\nin   the  assessment  year  1950-51.   It   is\t unnecessary<br \/>\ntherefore  to consider whether even if the Bank was  a\tnon-<br \/>\nresident  on July 25, 1959, by virtue of s.  4(1)(b)(ii)  it<br \/>\nwas liable to be taxed in respect of the dividend income  in<br \/>\nthe year of assessment 1950-51.\n<\/p>\n<p>    The\t appeal fails and is dismissed with costs  including<br \/>\nthe  costs of the hearing at which the order calling  for  a<br \/>\nsupplementary statement was made.\n<\/p>\n<pre>V.P.S.\t\t\t\t\t   Appeal dismissed.\n<span class=\"hidden_text\">673<\/span>\n\n\n\n<\/pre>\n","protected":false},"excerpt":{"rendered":"<p>Supreme Court of India Benaras State Bank Ltd vs Commissioner Of Income-Tax, &#8230; on 25 July, 1969 Equivalent citations: 1970 AIR 281, 1970 SCR (1) 669 Author: S C. Bench: Shah, J.C. (Cj) PETITIONER: BENARAS STATE BANK LTD. Vs. RESPONDENT: COMMISSIONER OF INCOME-TAX, LUCKNOW DATE OF JUDGMENT: 25\/07\/1969 BENCH: SHAH, J.C. (CJ) BENCH: SHAH, J.C. [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_lmt_disableupdate":"","_lmt_disable":"","_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[30],"tags":[],"class_list":["post-27910","post","type-post","status-publish","format-standard","hentry","category-supreme-court-of-india"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.3 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>Benaras State Bank Ltd vs Commissioner Of Income-Tax, ... on 25 July, 1969 - Free Judgements of Supreme Court &amp; High Court | Legal India<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.legalindia.com\/judgments\/benaras-state-bank-ltd-vs-commissioner-of-income-tax-on-25-july-1969\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Benaras State Bank Ltd vs Commissioner Of Income-Tax, ... on 25 July, 1969 - Free Judgements of Supreme Court &amp; 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