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TMI Blog2022 (3) TMI 255X X X X Extracts X X X X X X X X Extracts X X X X ..... the Statute, the court may take the help of external aid. If a term is not defined in a Statute then its meaning can be taken as is prevalent in ordinary or commercial parlance. Hence, we do not find any force in the contentions of the Revenue that the accounting standards prescribed by the Guidance Note cannot be used to bifurcate the lease rental to reach the real income for the purpose of tax under the IT Act. To sum up, we are of the view that the Respondent is entitled for bifurcation of lease rental as per the accounting standards prescribed by the ICAI. Moreover, there is no express bar in the IT Act regarding the application of such accounting standards - Decided against revenue. - T.C.A.No.281of 2011 - - - Dated:- 14-2-2022 - ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... r services mentioned in the agreement were not actually rendered and in any case, such services were also in the capital field? 3.1. When the matter was taken up for consideration, the learned counsel for the appellant / Revenue fairly submitted that the first substantial question of law involved in this appeal has already been considered and decided in favour of the assessee by judgment dated 02.01.2019, passed in TCA.Nos.776 to 778 of 2009, the relevant passage of which, is usefully extracted hereunder: 4. Both learned counsel concur on the position that substantial question of law No.1 relating to deduction of lease equalisation charges is covered by a judgment of the Supreme Court in the case of Commissioner of Income Tax VI V. ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ert team of ICAI. Further, a conjoint reading of Section 145 of the IT Act read with Section 211 (un-amended) of the Companies Act make it clear that the Respondent is entitled to do such bifurcation and in our view there is no illegality in such bifurcation as it is according to the principles of law. Moreover, the rule of interpretation says that when internal aid is not available then for the proper interpretation of the Statute, the court may take the help of external aid. If a term is not defined in a Statute then its meaning can be taken as is prevalent in ordinary or commercial parlance. Hence, we do not find any force in the contentions of the Revenue that the accounting standards prescribed by the Guidance Note cannot be used to bi ..... X X X X Extracts X X X X X X X X Extracts X X X X
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