Home Case Index All Cases Income Tax Income Tax + HC Income Tax - 2008 (10) TMI HC This
Forgot password New User/ Regiser ⇒ Register to get Live Demo
2008 (10) TMI 189 - HC - Income TaxDepreciation u/s 32(1)(iv) at – Rate of Depreciation - Commissioner of Income-tax (Appeals) came to the conclusion that the assessing authority was wrong in not accepting that the hospital is a “welfare centre” and that in view of section 32(1) (iv) of the Income-tax Act, as it then stood, concluded that the “welfare centre” would include hospital. The Tribunal also accepted the decision – “In taxing statute particularly it is not the dictionary meaning which has to be seen but the meaning as understood in common parlance specially in commercial circles” and that, “in interpreting words and phrases in taxing statutes it is the popular meaning which has to be followed it” - It is also well settled that “exemptions under taxing statutes must be strictly construed”. This is a case of depreciation and there is no definition for either “welfare centre” or “hospital” – Hospitals can not be treated as par with welfare centre – benefit of higher depreciation is not allowed.
|