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Income-tax Officer, Ward - 2, Margas, Goa Versus Ms. Rania Faleiro - 2013 (11) TMI 518 - ITAT MUMBAI - Income Tax

Deduction u/s 54EC - Investment in two years - The Assessee claimed the exemption of the Capital Gains amounting to Rs. 1,00,00,000 by making investment - The Assessee claims that he has invested the ................

............ subject. In this process, the courts must adhere to the words of the statute and the so called equitable construction of those words of the statute is not permissible. The task of the court is to construe the provisions of the taxing enactments according to the ordinary and natural meaning of the language used and then to apply that meaning to the facts of the case and in that process if the tax payer is brought within the net he is caught, otherwise he has to go free. 5. Even in the case of CIT v. Vegetable Products Ltd. 1973 88 ITR 192 the Hon ble Supreme Court has taken view that if there are two views possible, the view favourable to the subject should be taken. In view of the aforesaid discussion, we are of the view that no interference is called for in the order of CIT(A) and CIT(A) has rightly deleted the addition made by the Assessing Officer. We, accordingly, dismiss the appeal filed by the Revenue. 6. In the result, the appeal filed by the Revenue stands dismissed.


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