1934 (12) TMI 14

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..... e-laws to regulate business, to settle disputes 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 p .....

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..... the Income Tax Act., e.g., Section 4 and Section 42 to have 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 wh .....

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..... can only "reside" within that extended meaning of the term, when it resides for the purpose of carrying on business and it cannot reside apart from carrying on business. Thus in 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 .....

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