https://www.taxtmi.com/circulars?id=9423 The Board instructs that both exemptions under clause (1) and clause (n) of Section 33 may be granted concurrently where the respective conditions of each clause are satisfied. This position rests on the statutory phrasing providing exemptions "to the extent specified against each," the absence of any textual restriction limiting applicability to a single clause, and the interpretive principle favouring the taxpayer where two readings are possible; taxation by implication is not recognised absent explicit statutory language. en-us Wed, 25 Nov 1981 00:00:00 +0530 Sat, 04 Jun 2011 18:03:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/circulars?id=9423 The Board instructs that both exemptions under clause (1) and clause (n) of Section 33 may be granted concurrently where the respective conditions of each clause are satisfied. This position rests on the statutory phrasing providing exemptions "to the extent specified against each," the absence of any textual restriction limiting applicability to a single clause, and the interpretive principle favouring the taxpayer where two readings are possible; taxation by implication is not recognised absent explicit statutory language. Circulars Income Tax Wed, 25 Nov 1981 00:00:00 +0530 https://www.taxtmi.com/circulars?id=9423