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2022 (2) TMI 1111 - SC - VAT and Sales TaxInterpretation of statute - Entry 44 of Part B of the Fourth Schedule to the Tamil Nadu Value Added Tax Act, 2006 - Cotton Hank Yarn - Division Bench was of the view that no external aid for interpretation was called for when the language of the Entry in question was clear in itself - HELD THAT:- When the Entry in question specifically provides for exemption to the goods described as “Hank Yarn” without any ambiguity or qualification, its import cannot be restricted by describing it as being available only for the hank form of one raw material like cotton nor could it be restricted with reference to its user industry. That being the position, reference to the decision in K.P. Varghese (supraKP VARGHESE VERSUS INCOME-TAX OFFICER, ERNAKULAM, AND ANOTHER [1981 (9) TMI 1 - SUPREME COURT] remains entirely inapposite to the facts of the present case. Therein, this Court was dealing with the interpretation of the language of sub-section (2) of Section 52 of the Income Tax Act, 1961 and it was found that a literal interpretation might not cover several eventualities concerning the value of consideration declared by the assessee in respect of the transfer of a capital asset vis-a-vis its fair market value as on the date of its transfer - the observations in the said decision, based on the rules of interpretation to cull out meaning of a sentence (vide paragraph 5 thereof), do not apply to the question at hand because the Entry in question is clear, direct and unambiguous; and simply reads: “Hank Yarn”. There are no question of law worth consideration so as to entertain this petition - SLP dismissed.
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