TMI Blog2003 (4) TMI 3X X X X Extracts X X X X X X X X Extracts X X X X ..... e, the Appellate Tribunal was right in holding that the interest on deposits with Tamil Nadu Electricity Board should be treated as income derived by the industrial under taking for the purpose of section 80HH?" The court followed its earlier decision in CIT v. Pandian Chemicals Ltd. [1998] 233 ITR 497 (Mad) and answered the question in favour of the Department and against the assessee. The appellant preferred two special leave petitions; the first from the decision in CIT v. Pandian Chemicals Ltd. [1998] 233 ITR 497 (Mad), being SLP (C) No....CC 3017 of 2000 and the second being the present appeal. As far as the first matter was concerned the special leave petition was dismissed on the ground of delay. The question of law was left open ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... tributable to": "In this connection, it may be pointed out that whenever the Legislature wanted to give a restricted meaning in the manner suggested by the learned Solicitor-General, it has used the expression 'derived from', as, for instance, in section 80J. In our view, since the expression of wider import, namely, 'attributable to', has been used, the Legislature intended to cover receipts from sources other than the actual conduct of the business of generation and distribution of electricity." The word "derived" has been construed as far back in 1948 by the Privy Council in CIT v. Raja Bahadur Kamakhaya Narayan Singh [1948] 16 ITR 325 when it said: "The word 'derived' is not a term of art. Its use in the definition indeed demands ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 98] 233 ITR 497. We see no reason to disagree with the reasoning given by the High Court in Pandian Chemicals Ltd.'s case [1998] 233 ITR 497 with respect to 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 impo ..... X X X X Extracts X X X X X X X X Extracts X X X X
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