TMI Blog1934 (12) TMI 14X X X X Extracts X X X X X X X X Extracts X X X X ..... s amongst themselves and to maintain a stock exchange. The Company owns a four storeyed building at 7, Lyons Range Calcutta, on the ground floor of which there is a large hall used as the meeting place of the Stock Exchange, two tiffin rooms a telephone room and a quotation room. On the mezzanine floor are situated the offices and meeting place of the association, while the first, second and third floors are occupied by members. The rooms on these floors are let our by the Company to the members of the Stock Exchange. They are not used by them for the purpose of residence. The Company owns, in addition to this building certain securities, and derives an income from other sources, such as the publication of the Stock Exchange quotation ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... a place of residence and that though for certain purposes, the place of residence of the assessees in this case is the building at 7, Lyons Range, yet the word Residence as used in proviso to Section 9, Sub-section (2) does not refer to such a person or such residence and the expression property in the occupation of the owner for the purpose of his own residence means and connotes an owners dwelling house. In my opinion, the word residence in its simple and ordinary meaning signifies the place where a human being eats, drinks and sleeps or where his family and servants eat, drink and sleep, and where there is some permanence or continuance of such eating, drinking and sleeping, and the statement of BAYLEY, J. in the case o ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... both Sections 4 and 42 of the Indian Income Tax Act, it is clear that the word reside is only used in connection with the carrying on a business and not otherwise. Now, it is true that the assessee comes within the terms of the proviso to Section 9(2) if the extended meaning of the word residence to which I have referred is given to that word in this particular section. In my opinion, there is no justification for giving to the word in this particular section that extended meaning, nor do I think the legislature intended that such an extended meaning should be given to it. In this connection, it is to be noticed that the word own has been inserted between the words his and residence. I think that the object of inserting that ..... X X X X Extracts X X X X X X X X Extracts X X X X
|