VANKADAM LAKSHMINARAYANA Vs. COMMISSIONER OF INCOME TAX

JUDGEMENT

(1.) THIS reference raises questions of interest and importance and is bare of authority. It involves the following questions :

(2.) IF the answer to the above question is in the affirmative, whether the said loss is Rs. 78 or Rs. 708 or another sum?"

(3.) WE feel that we cannot subscribe to the opinion of the Tribunal in regard to the interpretation of the relevant statutory provisions. Considerations such as those which the Tribunal had in mind are irrelevant in construing the provisions of the statute. If the statute allows certain advantages to an assessee, there is no reason why he should be deprived of it on pre-conceived notions. The decision of the question is to be solely gided by the language of section 10(5)(b) and not by section 10(3), which only lays down that if an asset is used partly for business purposes and partly for non-business purposes the assessee should be entitled only to proportion of the amount allowable under certain clauses of that section.