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TMI Blog2015 (2) TMI 811X X X X Extracts X X X X X X X X Extracts X X X X ..... of the Act, which is akin to Section 80HH of the Act The order passed by the Assessing Officer under Section 154 of the Act is valid in the eye of law and the same has been rightly upheld by the Tribunal, as the true intent behind passing such a rectification order is to ensure that the law laid down by the Supreme Court in Pandian Chemicals case,[2003 (4) TMI 3 - SUPREME Court] is stricto sensu given effect to. - Decided against assessee. - T.C.(A).No.713 of 2007 - - - Dated:- 10-2-2015 - R. Sudhakar And R. Karuppiah,JJ. For the Appellant : Mr. Venkat Narayanan for M/s. Subbaraya Aiyar For the Respondent : Mr. T. Ravi Kumar Sr. Standing Counsel JUDGMENT (Delivered by R. Sudhakar, J.) The assessee has filed this ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ness of the undertaking and, therefore, the same is not eligible for exemption under Section 10B of the Act. On this premise, notice was issued to the assessee under Section 154 of the Act setting out proposals for rectification and after considering the reply submitted by the assessee, the Assessing Officer excluded the interest income of ₹ 11,27,629/- holding that the same is not eligible for exemption under Section 10B of the Act and assessed the same under the head other sources. 2.3. Challenging the said order, the assessee appealed to the Commissioner of Income Tax (Appeals) contending that the interest receipts had direct nexus with the assessee's business and, therefore, should be allowed as income from business underta ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... to be derived from industrial undertakings for the purpose of section 80HH. 2.5. Calling in question the said order, the assessee has filed this appeal on the questions of law, referred supra. 3. We have heard Mr.Venkat Narayanan, learned counsel appearing for the assessee and Mr.T.Ravi Kumar, learned Senior Standing Counsel appearing for the Revenue and perused the orders passed by the Tribunal and the authorities below. 4. The main plea raised by the learned counsel for the assessee is that the grant of deduction under Section 10B of the Act is a debatable issue, which does not fall within the purview of prima facie adjustment under Section 143(1) of the Act, and, therefore, rectification under Section 154 of the Act is not per ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... those decisions to hold that they do not in any way allow the word derived in section 80HH to be construed in the manner contended by the appellant. The learned counsel for the appellant then contended that having regard to the object with which section 80HH was introduced in the statute book, this court should give a liberal interpretation to the words in a manner so as to allow such object to be fulfilled. The rules of interpretation would come into play only if there is any doubt with regard to the express language used. Where the words are unequivocal, there is no scope for importing any rule of interpretation as submitted by the appellant. (emphasis supplied) 6. In the light of the above said decision, we are of the firm view t ..... X X X X Extracts X X X X X X X X Extracts X X X X
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