Case Law Details
Royal Accord Realtors Pvt. Ltd. Vs DCIT (ITAT Mumbai)
In a taxing statute one has to look merely at what is clearly said in the section. There is no room for any intendment. There is no concept of equity in tax law. Nothing is to be read in, nothing is to be implied. One has to look at plain language of the provisions of the section. For the purpose of construction of a taxing statute, the context, scheme of the relevant provision as a whole and its purpose is relevant. Where the statute is absolutely clear and unambiguous, recourse to beneficial/purposive interpretation cannot be taken. The Rule of literal interpretation would apply. Departure from literal rule while interpreting section is an exception, that too where literal rule would result in absurd construction of provision. In the instant case the provisions of section 56(2)(viib) of the Act or Rule 11UA no where provides for rounding off to nearest rupee or multiple of ten or hundred. The provisions are plain, clear and unambiguous. Thus, in the light of above observation, the impugned order is upheld and the appeal by assessee is dismissed.
FULL TEXT OF THE ORDER OF ITAT MUMBAI
These two appeals are by two different assessees for the assessment year 2014-15. Since, the issue involved in both these appeals are identical and the ground of appeal raised by the assessees in their respective appeals are also identical, these appeals are taken up together for adjudication and are decided by this common order.
2. The facts are narrated from the appeal in ITA No.6739/Mum/2019 for the sake of convenience, hence, the said appeal is taken as the lead case.
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