1983 (5) TMI 62

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.... it was entitled to deduction in respect of profits and gains from its industrial undertakings in terms of s. 80J. However, this claim of the assessee was negatived by the ITO and his decision was upheld by the CIT (Appeals) on the ground that the assessee did not fulfil the conditions laid down u/s 80J(4) (iv) of the Act. Hence the grievance of the assessee. 3. The assessee as stated is manufacturing cycle frames. This manufacturing process is carried on without the aid of power. The assessment year under appeal is the first assessment year. During the early period of the accounting year, the assessee employed less than 20 workers but subsequently in the month of April 1974 upto the end of the accounting period, the number of workers em....

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....1 at 747 (SC) approved the rule of construction of a taxing statute pithily stated by Rowlatt, J. in Cape Brandy Syndicate vs. Inland Revenue Commissioners (1921) 1 KB 64 at 71 thus: "In a taxing Act one has to look merely at what is clearly said. There is no room for any intendment. There is no equity about a tax. There is no presumption as to a tax. Nothing is to be read in, nothing is to be implied. One can only look fairly at the language used" The Hon'ble Court has further observed that, "equally important is the rule of construction that if the words of a statute are precise and unambiguous they must be accepted as declaring express intentions of the legislature". 5. The Hon'ble Madras High Court in the case of CIT vs. Simpson & Co....