9911796707
TMI Blog1995 (11) TMI 59X X X X Extracts X X X X X X X X Extracts X X X X ..... t liability arising as a result of fluctuations in the rate of exchange of foreign currencies in which the World Bank loans were required to be repaid ? 2. Whether, on the facts and in the circumstances of the case, the Tribunal was right in law in holding that the assessee was entitled to depreciation on the increased repayment liability due to revaluation of the German Mark and Netherland Guilders in 1961 ? 3. Whether, on the facts and in the circumstances of the case, the Tribunal was right in law in holding that the meaning of the w ord 'paid' as used in section 36(1)(iv) in connection with the contribution of an employer towards an approved superannuation fund is that given in section 43(2) ? 4. Whether, on the facts and in the c ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... accrual basis. It was submitted by the assessee that by virtue of the definition contained in section 43(2) of the Act, the expression "paid" appearing in section 36(1)(iv) would mean both "actually paid" or "incurred according to the method of accounting upon the basis of which profits or gains are computed". This submission of the assessee found favour with the Commissioner (Appeals). The Commissioner (Appeals) accordingly set aside the order of the Income-tax Officer disallowing deduction of a sum of Rs. 1,49,708 and held that the assessee was entitled to deduction of the same under section 36(1)(iv) of the Act. The appeal of the Revenue against the above order of the Commissioner (Appeals) was dismissed by the Income-tax Appellate Tribu ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... subject to such conditions as the Board may think fit to specify in cases where the contributions are not in the nature of annual contributions of fixed amounts or annual contributions fixed on some definite basis by reference to the income chargeable under the head 'Salaries' or to the contributions or to the number of members of the fund. Section 43 contains definitions of certain terms relevant to income from profits and gains of business or profession. Clause (2) thereof defines the expression "paid". Section 43, so far as it is relevant reads : 43. Definitions of certain terms relevant to income from profits and gains of business or profession.-- In sections 28 to 41 and in this section, unless the context otherwise requires-- . ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ilment of any of the conditions of section 36(1)(iv) of the Act. The only ground on which the clam of the assessee has been rejected by the Income-tax Officer is that the word "paid" occurring in section 36(1)(iv) of the Act has to be construed as "paid" in the ordinary sense of the term and not in the sense set out in clause (2) of section 43 of the Act. We do not find any merit in this stance of the Revenue which goes counter to the plain language of the statute. As stated earlier, "paid" occurring in section 36(1)(iv) of the Act has to be given the same meaning as has been assigned to it by the Legislature in section 43(2) of the Act unless the context otherwise requires. There is nothing in the context in which it occurs in section 36(1 ..... X X X X Extracts X X X X X X X X Extracts X X X X
|
