Reserve Bank of India v. Peerless General Finance and Investment Company Limited

1 SCC 424Reported decision1987#1224 most cited

What is Reserve Bank of India v. Peerless General Finance and Investment Company Limited authority for?

The case establishes that statutory interpretation requires considering both the text and its context, as context provides color to the texture of the text. A statute is best understood when its purpose is known, and it must be read holistically before analyzing individual parts.

92

judgments rely on this decision, according to BharatTax’s citation analysis of 366,421 Indian tax judgments — from 2012 to 2025.

Also referred to as

Reserve Bank of India v. Peerless General Finance · statutory interpretation · text and context rule · purpose of statute · holistic reading · Income-tax Act 1961 · section 80P · section 80P(4) · section 81 · cooperative societies · Regional Rural Bank Act

Issues it is cited on

section 81section 80p(2)(a)(1)section 2(7)section 36(1)(viii)section 18tax benefitsection 36(1)(vii)section 80p(4)section 22amalgamationsection 80p(2)(a)section 80p(2)(a)(i)

Judgments citing Reserve Bank of India v. Peerless General Finance and Investment Company Limited

Director of Income Tax (It)-I, Mumbai vs. M/S. American Express Bank Ltd

C.A. No.-008291-008291 - 2015Supreme Court15 Dec 2025

Bench: HON'BLE MR. JUSTICE J.B. PARDIWALA

Section 28Section 37(1)Section 44C

…in which they are used and the purpose they are meant to serve. In Reserve Bank of Civil Appeal Nos 8291 of 2015 & 4451 of 2016 Page 25 of 55 India v. Peerless General Finance and Investment Co. Ltd. & Ors, reported in (1987) 1 SCC 424, this Court reiterated that interpretation depends on both the text and the context, where the text is the texture and the context provides the colour. 34. A natural extension of both the principles discussed earlier and a well-known principle of interpretation is that, if the language of the enactment is clear and unambiguous, it would be unj…

Assistant Commissioner of Income Tax vs. Shelf Drilling Ron Tappmeyer Limited

The appeals are allowed

C.A. No.-010586-010589 - 2025Supreme Court08 Aug 2025

Bench: HON'BLE MRS. JUSTICE B.V. NAGARATHNA

Section 144CSection 153Section 153(1)Section 44B

…e non obstante clause. ...” Page 69 of 112 10.8 Further, in RBI vs. Peerless General Finance and Investment Co. Ltd., (1987) 1 SCC 424, this Court observed, that interpretation is best which makes the textual interpretation match the contextual. Chinnappa Reddy, J. speaking for the Bench stressed on the importance of rule of contextual interpretation and observed as under: “33. Interpretation must depend on the text and the context. They are the bases of interpretation. One…

Vidharbha Konkan Gramin Bank, Nagpur vs. Income Tax Officer Ward 1(5), Nagpur

In the result, appeal filed by the assessee for A

ITA 8/NAG/2019[2015-2016]Status: DisposedITAT Nagpur28 Nov 2024AY 2015-2016

Bench: Shri V. Durga Rao & Shri K.M. Roy, Accountant, Member

For Appellant: Shri C. NareshFor Respondent: Shri Sandipkumar Salunke
Section 22Section 36(1)Section 36(1)(viia)Section 36(1)(viii)Section 80P

…tion of Regional Rural Bank Act, vis-à-vis sub-section (4) of Income-tax Act, 1961, we are fortified by the decision rendered by Hon'ble Supreme Court in the case of Reserve Bank of India vs. Peerless General Finance and Investment Co. Ltd. reported in (1987) 1 SCC 424 wherein it has been held that: "interpretation must depend on the text and the context. They are the basis of interpretation. One may well say if the text is the texture, context is what gives the colour. Neither Can be Ignored. Both are important. That interpretation is best which makes the textual interpretation match the Contextual. A statute is…

Vidharbha Konkan Gramin Bank, Nagpur vs. Income Tax Officer Ward 1(5), Nagpur

In the result, appeal filed by the assessee for A

ITA 7/NAG/2019[2014-15]Status: DisposedITAT Nagpur28 Nov 2024AY 2014-15

Bench: Shri V. Durga Rao & Shri K.M. Roy, Accountant, Member

For Appellant: Shri C. NareshFor Respondent: Shri Sandipkumar Salunke
Section 22Section 36(1)Section 36(1)(viia)Section 36(1)(viii)Section 80P

…tion of Regional Rural Bank Act, vis-à-vis sub-section (4) of Income-tax Act, 1961, we are fortified by the decision rendered by Hon'ble Supreme Court in the case of Reserve Bank of India vs. Peerless General Finance and Investment Co. Ltd. reported in (1987) 1 SCC 424 wherein it has been held that: "interpretation must depend on the text and the context. They are the basis of interpretation. One may well say if the text is the texture, context is what gives the colour. Neither Can be Ignored. Both are important. That interpretation is best which makes the textual interpretation match the Contextual. A statute is…

Dy. C. I. T., Circle - 1, Gorakhpur vs. Baroda Uttar Pradesh Gramin Bank Now Amalgamated With Baroda U.P. Bank, Gorakhpur

In the result, the appeals of the Revenue are dismissed and the Cross Objections of the assessee are allowed

ITA 56/VNS/2023[2019-2020]Status: DisposedITAT Varanasi26 Sept 2023AY 2019-2020

Bench: Shri. B. R. Baskaran & Shri Amit Shukla

For Appellant: Shri S. K. Garg, AdvocateFor Respondent: Shri Robin Chaudhary, CIT
Section 143(3)Section 2(19)Section 22Section 254Section 271Section 3Section 80PSection 80P(2)(a)

…tion of Regional Rural Bank Act, vis-a-vis sub-section (4) of Income Tax Act, 1961, we are fortified by the decision rendered by Hon'ble Supreme Court in the case of Reserve Bank of India vs. Peerless General Finance and Investment Co. Ltd. reported in (1987) 1 SCC 424 wherein it has been held that: "interpretation must depend on the text and the context They are the basis of interpretation. One may well say if the the text is the texture, context is what gives the colour. Neither Can be Ignored. Both are important That :-12-: interpretation is best which makes the textual interpretation match the Contextual. A…

Dy. C. I. T., Circle - 1, Gorakhpur vs. Baroda Uttar Pradesh Gramin Bank Now Amalgamated With Baroda U.P. Bank, Gorakhpur

In the result, the appeals of the Revenue are dismissed and the Cross Objections of the assessee are allowed

ITA 55/VNS/2023[2018-2019]Status: DisposedITAT Varanasi26 Sept 2023AY 2018-2019

Bench: Shri. B. R. Baskaran & Shri Amit Shukla

For Appellant: Shri S. K. Garg, AdvocateFor Respondent: Shri Robin Chaudhary, CIT
Section 143(3)Section 2(19)Section 22Section 254Section 271Section 3Section 80PSection 80P(2)(a)

…tion of Regional Rural Bank Act, vis-a-vis sub-section (4) of Income Tax Act, 1961, we are fortified by the decision rendered by Hon'ble Supreme Court in the case of Reserve Bank of India vs. Peerless General Finance and Investment Co. Ltd. reported in (1987) 1 SCC 424 wherein it has been held that: "interpretation must depend on the text and the context They are the basis of interpretation. One may well say if the the text is the texture, context is what gives the colour. Neither Can be Ignored. Both are important That :-12-: interpretation is best which makes the textual interpretation match the Contextual. A…

Dy. C. I. T., Circle - 1, Gorakhpur vs. Baroda Uttar Pradesh Gramin Bank Now Amalgamated With Baroda U. P.. Bank, Gorakhpur

In the result, the appeals of the Revenue are dismissed and the Cross Objections of the assessee are allowed

ITA 54/VNS/2023[2017-2018]Status: DisposedITAT Varanasi26 Sept 2023AY 2017-2018

Bench: Shri. B. R. Baskaran & Shri Amit Shukla

For Appellant: Shri S. K. Garg, AdvocateFor Respondent: Shri Robin Chaudhary, CIT
Section 143(3)Section 2(19)Section 22Section 254Section 271Section 3Section 80PSection 80P(2)(a)

…tion of Regional Rural Bank Act, vis-a-vis sub-section (4) of Income Tax Act, 1961, we are fortified by the decision rendered by Hon'ble Supreme Court in the case of Reserve Bank of India vs. Peerless General Finance and Investment Co. Ltd. reported in (1987) 1 SCC 424 wherein it has been held that: "interpretation must depend on the text and the context They are the basis of interpretation. One may well say if the the text is the texture, context is what gives the colour. Neither Can be Ignored. Both are important That :-12-: interpretation is best which makes the textual interpretation match the Contextual. A…

Dy. C. I. T., Circle - 1, Gorakhpur vs. Baroda Uttar Pradesh Gramin Bank Now Amalgamated With Baroda U.P. Bank, Gorakhpur

In the result, the appeals of the Revenue are dismissed and the Cross Objections of the assessee are allowed

ITA 53/VNS/2023[2011-2012]Status: DisposedITAT Varanasi26 Sept 2023AY 2011-2012

Bench: Shri. B. R. Baskaran & Shri Amit Shukla

For Appellant: Shri S. K. Garg, AdvocateFor Respondent: Shri Robin Chaudhary, CIT
Section 143(3)Section 2(19)Section 22Section 254Section 271Section 3Section 80PSection 80P(2)(a)

…tion of Regional Rural Bank Act, vis-a-vis sub-section (4) of Income Tax Act, 1961, we are fortified by the decision rendered by Hon'ble Supreme Court in the case of Reserve Bank of India vs. Peerless General Finance and Investment Co. Ltd. reported in (1987) 1 SCC 424 wherein it has been held that: "interpretation must depend on the text and the context They are the basis of interpretation. One may well say if the the text is the texture, context is what gives the colour. Neither Can be Ignored. Both are important That :-12-: interpretation is best which makes the textual interpretation match the Contextual. A…

Dy. C. I. T., Circle - 1, Gorakhpur vs. Baroda Uttar Pradesh Gramin Bank Now Amalgamated With Baroda U.P. Bank, Gorakhpur

In the result, the appeals of the Revenue are dismissed and the Cross Objections of the assessee are allowed

ITA 52/VNS/2023[2010-2011]Status: DisposedITAT Varanasi26 Sept 2023AY 2010-2011

Bench: Shri. B. R. Baskaran & Shri Amit Shukla

For Appellant: Shri S. K. Garg, AdvocateFor Respondent: Shri Robin Chaudhary, CIT
Section 143(3)Section 2(19)Section 22Section 254Section 271Section 3Section 80PSection 80P(2)(a)

…tion of Regional Rural Bank Act, vis-a-vis sub-section (4) of Income Tax Act, 1961, we are fortified by the decision rendered by Hon'ble Supreme Court in the case of Reserve Bank of India vs. Peerless General Finance and Investment Co. Ltd. reported in (1987) 1 SCC 424 wherein it has been held that: "interpretation must depend on the text and the context They are the basis of interpretation. One may well say if the the text is the texture, context is what gives the colour. Neither Can be Ignored. Both are important That :-12-: interpretation is best which makes the textual interpretation match the Contextual. A…

Dy. C. I. T., Circle - 1, Gorakhpur vs. Baroda Uttar Pradesh Gramin Bank Now Amalgamated With Baroda U.P. Bank, Gorakhpur

In the result, the appeals of the Revenue are dismissed and the Cross Objections of the assessee are allowed

ITA 51/VNS/2023[2009-2010]Status: DisposedITAT Varanasi26 Sept 2023AY 2009-2010

Bench: Shri. B. R. Baskaran & Shri Amit Shukla

For Appellant: Shri S. K. Garg, AdvocateFor Respondent: Shri Robin Chaudhary, CIT
Section 143(3)Section 2(19)Section 22Section 254Section 271Section 3Section 80PSection 80P(2)(a)

…tion of Regional Rural Bank Act, vis-a-vis sub-section (4) of Income Tax Act, 1961, we are fortified by the decision rendered by Hon'ble Supreme Court in the case of Reserve Bank of India vs. Peerless General Finance and Investment Co. Ltd. reported in (1987) 1 SCC 424 wherein it has been held that: "interpretation must depend on the text and the context They are the basis of interpretation. One may well say if the the text is the texture, context is what gives the colour. Neither Can be Ignored. Both are important That :-12-: interpretation is best which makes the textual interpretation match the Contextual. A…

Deputy Commissioner of Income Tax, Circle-1(1), Hubballi vs. M/S. Karnataka Vikas Grameen Bank Limited, Dharwad

In the result, the appeal of assessee is partly allowed and the appeal of the revenue is dismissed

ITA 720/BANG/2020[2016-17]Status: DisposedITAT Bangalore05 Dec 2022AY 2016-17

Bench: Shri George George K. & Shri Laxmi Prasad Sahuassessment Year : 2016-17

For Appellant: Shri S Ananthan, C.AFor Respondent: Ms. Susan D George, CIT (DR)
Section 143Section 234BSection 250Section 36

…tion of Regional Rural Bank Act, vis-à-vis sub-section (4) of Income-tax Act, 1961, we are fortified by the decision rendered by Hon'ble Supreme Court in the case of Reserve Bank of India vs. Peerless General Finance and Investment Co. Ltd. reported in (1987) 1 SCC 424 wherein it has been held that: "interpretation must depend on the text and the context. They are the basis of interpretation. One may well say if the text is the texture, context is what gives the colour. Neither Can be 1gnored. Both are important. That interpretation is best which makes the textual interpretation match the Contextual. A statute is…

M/S Karnataka Vikas Grameena Bank, Dharwad vs. Assistant Commissioner of Income Tax, Circle-2(1), Hubballi

In the result, the appeal of assessee is partly allowed and the appeal of the revenue is dismissed

ITA 611/BANG/2020[2016-17]Status: DisposedITAT Bangalore02 Dec 2022AY 2016-17

Bench: Shri George George K. & Shri Laxmi Prasad Sahuassessment Year : 2016-17

For Appellant: Shri S Ananthan, C.A, S.V Ravishankar, AdvocateFor Respondent: Ms. Susan D George, CIT (DR)
Section 143Section 234BSection 250Section 36

…tion of Regional Rural Bank Act, vis-à-vis sub-section (4) of Income-tax Act, 1961, we are fortified by the decision rendered by Hon'ble Supreme Court in the case of Reserve Bank of India vs. Peerless General Finance and Investment Co. Ltd. reported in (1987) 1 SCC 424 wherein it has been held that: "interpretation must depend on the text and the context. They are the basis of interpretation. One may well say if the text is the texture, context is what gives the colour. Neither Can be 1gnored. Both are important. That interpretation is best which makes the textual interpretation match the Contextual. A statute is…

Zintec Software Private Limited, Hyderabad vs. Dy. Commissioner of Income Tax, Circle-17(2), Hyderabad

In the result, appeal filed by the assessee is dismissed

ITA 1690/HYD/2018[2011-12]Status: DisposedITAT Hyderabad17 Aug 2022AY 2011-12

Bench: Shri R.K. Panda & Shri Laliet Kumarassessment Year: 2011-12 Zintec Software (P) Ltd, Vs. Dy. C.I.T. Hyderabad Circle 17(2) Pan:Aaaczi110H Hyderabad (Appellant) (Respondent) Assessee By: Shri K.C. Devdas, C.A Revenue By: Shri Y.V.S.T. Sai, Cit(Dr) Date Of Hearing: 16/08/2022 Date Of Pronouncement: 17/08/2022 Order Per Laliet Kumar, J.M This Appeal Filed By The Assessee Is Directed Against The Order Dated 6.6.2018 Of The Learned Cit (A)-5, Hyderabad Relating To A.Y.2011-12. 2. The Legal Grounds Raised By The Assessee Before Us Are As Under: “1. The Learned Commissioner Of Income Tax (Appeals) Failed To Appreciate That The Time Limitation Laid Down Under Section 154(7) Applies Only To Amendment Of Any "Order Passed" Referred To In Section 154(1)(A) & Not To Amendment Of Any Intimation Or Deemed Intimation Under Sub-Section (1) Of Section 143(1) Referred To In Section 154(1) (B) And, Therefore, Erred In Dismissing The Appeal Stating That The Rectification Application Is Beyond The Date Of Limitation. 2. Without Prejudice To Ground No. 1, The Learned Commissioner Of Income Tax (Appeals) Is Not Justified In Not Adjudicating On The Ground Of Page 1 Of 11

For Appellant: Shri K.C. Devdas, C.AFor Respondent: Shri Y.V.S.T. Sai, CIT(DR)
Section 115JSection 116Section 143Section 143(1)Section 143(3)Section 154Section 154(1)Section 154(1)(a)Section 154(7)Section 200A

…lar purpose. The last mentioned method consists of an application of the Mischief Rule laid down in Heydon's case long ago." [para 28] 22. In the celebrated judgment of Reserve Bank of India v. Peerless General Finance & Investment Co. Ltd. and Others, [1987] 1 SCC 424, O. Chinnappa Reddy, J. stated:- "Interpretation must depend on the text and the context. They are the bases of interpretation. One may well say if the text is the texture, context is what gives the colour. Neither can be ignored. Both are important. That interpretation is best which makes the textual interpretation match the contextual. A statute…

Smt. S. Jalaja vs. Union of India

In the result, writ appeals are allowed

WA/1105/2019HC Karnataka24 Aug 2021

Bench: ALOK ARADHE,HEMANT CHANDANGOUDAR

Section 4

…. THE STATE OF BOMBAY AIR 1954 SC 742, 'P.L.MEHRA Vs. D.R.KHANNA' 1971 AIR (DEL) 1, 'M.KARUNANIDHI Vs. UNION OF INDIA' AIR 1979 SC 898, 'T.BARAI Vs. HENRY AH HOE AND ANR.' (1983) 1 SCC 177, 'RESERVE BANK OF INDIA Vs. PEERLESS GENERAL FINANCE' 1987 1 SCC 424, 'THE STATE OF TAMIL NADU & ORS. Vs. ANANTHI AMMAL & ORS.' 1994 SCC (11) 75, 'PT.RISHIKESH AND ANR. Vs. SMT.SALMA BEGUM' 1995 4 SCC 718, 'VASU DEV SINGH & ORS Vs. UNION OF INDIA & ORS' (2006) 12 SCC 753, 'SHAYARA BANO Vs. UNION OF INDIA & ORS.' (2017) 8 SCC 39, 'PRANAV BAJPE Vs. THE STATE OF KARNATAKA' IN W.P.No.27761/2019, 'VIJAY KUM…

Jhansi Development Authority, Jhansi vs. ACIT Circle-4, Agra

In the result the appeal of the assessee is allowed and the appeal

ITA 149/AGR/2017[2011-12]Status: DisposedITAT Agra13 Jan 2021AY 2011-12

Bench: Shri Laliet Kumar,And Dr. Mitha Lal Meenajhansi Development Authority Vs..Dcit Circle-4, Commissionerycompus, Agra. Jhansi. (Now The Dy. Cit Panno.Aaalj0068K (Exemption) Ghaziabad. (Assessee) (Revenue) Acit, 4(1), Vs..Jhansi Development Agra. Authority (Now The Dy. Cit Commissionerycompus, Jhansi. (Exemption) Ghaziabad. Panno.Aaalj0068K (Revenue) (Assessee)

Section 12ASection 145(3)Section 2(15)

…ar purpose. The last mentioned method consists of an application of the Mischief Rule laid down in Heydon’s case long ago.” [para 28] 22. In the celebrated judgment of Reserve Bank of India v. Peerless General Finance & Investment Co. Ltd. and Others, (1987) 1 SCC 424, O. Chinnappa Reddy, J. stated:- & 355/Agra/2014 & SA Nos. 1 to 3/Ag/2017 89 (In ITA Nos. 149 to 151/Agra/2017) “Interpretation must depend on the text and the context. They are the bases of interpretation. One may well say if the text is the texture, context is what gives the colour. Neither can be ignored. Both are important. That interpretation…

ACIT Circle-4, Agra vs. Jhansi Development Authority, Jhansi

In the result the appeal of the assessee is allowed and the appeal

ITA 355/AGR/2014[2010-11]Status: DisposedITAT Agra13 Jan 2021AY 2010-11

Bench: Shri Laliet Kumar,And Dr. Mitha Lal Meenajhansi Development Authority Vs..Dcit Circle-4, Commissionerycompus, Agra. Jhansi. (Now The Dy. Cit Panno.Aaalj0068K (Exemption) Ghaziabad. (Assessee) (Revenue) Acit, 4(1), Vs..Jhansi Development Agra. Authority (Now The Dy. Cit Commissionerycompus, Jhansi. (Exemption) Ghaziabad. Panno.Aaalj0068K (Revenue) (Assessee)

Section 12ASection 145(3)Section 2(15)

…ar purpose. The last mentioned method consists of an application of the Mischief Rule laid down in Heydon’s case long ago.” [para 28] 22. In the celebrated judgment of Reserve Bank of India v. Peerless General Finance & Investment Co. Ltd. and Others, (1987) 1 SCC 424, O. Chinnappa Reddy, J. stated:- & 355/Agra/2014 & SA Nos. 1 to 3/Ag/2017 89 (In ITA Nos. 149 to 151/Agra/2017) “Interpretation must depend on the text and the context. They are the bases of interpretation. One may well say if the text is the texture, context is what gives the colour. Neither can be ignored. Both are important. That interpretation…

Jhasi Development Authority, Jhansi vs. Dy. C.I.T., Circle-4, Agra

In the result the appeal of the assessee is allowed and the appeal

ITA 256/AGR/2014[2010-11]Status: DisposedITAT Agra13 Jan 2021AY 2010-11

Bench: Shri Laliet Kumar,And Dr. Mitha Lal Meenajhansi Development Authority Vs..Dcit Circle-4, Commissionerycompus, Agra. Jhansi. (Now The Dy. Cit Panno.Aaalj0068K (Exemption) Ghaziabad. (Assessee) (Revenue) Acit, 4(1), Vs..Jhansi Development Agra. Authority (Now The Dy. Cit Commissionerycompus, Jhansi. (Exemption) Ghaziabad. Panno.Aaalj0068K (Revenue) (Assessee)

Section 12ASection 145(3)Section 2(15)

…ar purpose. The last mentioned method consists of an application of the Mischief Rule laid down in Heydon’s case long ago.” [para 28] 22. In the celebrated judgment of Reserve Bank of India v. Peerless General Finance & Investment Co. Ltd. and Others, (1987) 1 SCC 424, O. Chinnappa Reddy, J. stated:- & 355/Agra/2014 & SA Nos. 1 to 3/Ag/2017 89 (In ITA Nos. 149 to 151/Agra/2017) “Interpretation must depend on the text and the context. They are the bases of interpretation. One may well say if the text is the texture, context is what gives the colour. Neither can be ignored. Both are important. That interpretation…

The Karur Vysya Bank Ltd, Bellary vs. Assistant Commissioner of Income Tax TDS Circle, Hubli-Dharwad

In the result, the appeal of the assessee is partly allowed

ITA 2886/BANG/2017[2011-12]Status: DisposedITAT Bangalore01 Oct 2019AY 2011-12

Bench: Shri B.R Baskaran & Smt. Beena Pillaiassessment Year: 2011-12

For Appellant: Shri Ananthan, C.AFor Respondent: Shri R.N Siddappapji, Addl. CIT (DR)
Section 12ASection 133ASection 194ASection 197ASection 201Section 201(1)

…IN THE INCOME TAX APPELLATE TRIBUNAL “B’’ BENCH : BANGALORE BEFORE SHRI B.R BASKARAN, ACCOUNTANT MEMBER AND SMT. BEENA PILLAI, JUDICIAL MEMBER Assessment year: 2011-12 The Karur Vysya Bank Ltd., Vs. The Asst. Commissioner of Income-tax Bellary Branch, TDS Circle, Bellary. Hubli. PAN – BLRKO 7236 F. APPELLANT RESPONDENT Appellant by : Shri Ananthan, C.A Respondent by : Shri R.N Siddappapji, Addl. CIT (DR) Date of hearing : 10.07.2019 Date of Pronouncement : 01.10.2019 O R D E R Per B.R. Baskaran, Accountant Member The assessee has filed this appeal challenging the order dated 31-10-2017 passed by Ld CIT(A),…

The Peerless Gen.Fin and Investment Company Limited vs. Commnr. of Income Tax

The appeal is allowed

C.A. No.-001265-001265 - 2007Supreme Court09 Jul 2019

Bench: HON'BLE MR. JUSTICE ROHINTON FALI NARIMAN

…Court, in Peerless General Finance and Investment Co. Limited (supra), was faced with a situation in which the RBI had, pursuant to this Court’s earlier judgment in Reserve Bank of India vs. Peerless General Finance and Investment Co. Ltd. And Others (1987) 1 SCC 424, taken steps to remedy the concerns raised by this Court in that judgment. The steps taken were under powers conferred by Section 45 J & 45 K of the Reserve Bank of India Act, as a result of which directions were issued by the RBI dated 15.05.1987. These directions, in turn, were the subject matter of challenge by the Peerless General…

DCIT 9(3)(2), Mumbai vs. Futura Value Retail Ltd, Mumbai

In the result, the appeal of the Revenue in ITA no

ITA 6705/MUM/2016[2012-13]Status: DisposedITAT Mumbai04 Jul 2019AY 2012-13

Bench: Shri C.N Prasad & Shri Ramit Kocharआयकर अपीऱ सं./I.T.A. No.6705/Mum/2016 (नििाारण वर्ा / Assessment Year: 2012-13) बिाम/ Acit-9(3)(2), M/S. Future Value 418, 4Th Floor, Retail Ltd., Aayakar Bhavan, Knowledge House, V. Mumbai-400020 Shyam Nagar, Off Jogeshwari Vikhroli Link Road, Jogeshwari (E), Mumbai-400060 स्थायी ऱेखा सं./ Pan: Aaecp3041P (अपीऱाथी /Appellant) (प्रत्यथी / Respondent) .. Revenue By: Shri. Sushil Kumar Poddar (Dr) Assessee By: Ms. Dinkle Hariya सुनवाई की तारीख /Date Of Hearing : 12.06.2019 घोषणा की तारीख /Date Of Pronouncement : 04.07.2019 आदेश / O R D E R Per Ramit Kochar: This Appeal, Filed By Revenue, Being Ita No. 6705/Mum/2016, Is Directed Against Appellate Order Dated 23.08.2016, Passed By Learned Commissioner Of Income Tax (Appeals)-16,Mumbai (Hereinafter Called “The Cit(A)”) In Ita No. Cit(A)/ I.T.305/Dcit-9(3)(2)/2015-16, For Assessment Year 2012-13, The Appellate Proceedings Had Arisen Before Learned Cit(A) From Assessment Order Dated 29.03.2015 Passed By Learned Assessing Officer (Hereinafter Called “The Ao”) U/S 143(3) Of The Income-Tax Act, 1961 (Hereinafter Called “The Act”) For Ay 2012-13. I.T.A. No.6705/Mum/2016

For Appellant: Ms. Dinkle HariyaFor Respondent: Shri. Sushil Kumar Poddar (DR)
Section 143(3)Section 14ASection 194HSection 194JSection 40

…State of Gujarat AIR 1977 SC 90). Thus, the word "includes" can be used in the sense of the word "means". The definition clause in such cases is treated as an exhaustive one (see Reserve Bank of India v. Peerless General Finance and Investment Co. Ltd. [1987] 1 SCC 424). Thus, in a particular context the word "includes" when used, may only mean "comprise of" or "consist of". 13. It is apparent from the decision of the Supreme Court in the case of Ahmedabad Stamp Vendors Association (supra) that clause (i) of the Explanation to Section 194H of the Act has been read as exhaustive and not as expansive. This is the r…