Punjab Co-operative Bank Ltd, Amritsar v Commissioner of Income Tax, Lahore

[1940] A.C. 1055

---

Between: Punjab Co-operative Bank Ltd, Amritsar - Appellant
And: Commissioner of Income Tax, Lahore - Respondent

Court:

Judges: Viscount Maugham
Lord Russell of Killowen
Lord Wright
Sir George Rankin
Mr M R Jayakar

Subject References:
INDIA
Appeal to Privy Council
Competency
Construction
BANK
SALE OF SECURITY
To meet withdrawals
Act done in carrying on the banking business
Profit on sale of securities taxable

Legislative References:
Government of India Act, 1935 (25 & 26 Geo. 5, c. 42) - s. 205
Indian Income-tax Act (XI. of 1922) - s. 10

Judgment date: 22 July 1940

---

ORDER

Their Lordships will accordingly humbly advise His Majesty that the appeal must be dismissed, with costs.