Meaning of tax terms

Meaning of “It”

Posted on by Prashant Thakur

Case Name : Patel Engineering Ltd. Vs. Dy. CIT

Citation :[2004] 84 TTJ (MUM. – TRIB.) 646

Court : ITAT-Mumbai

Section : 80-IA

Meaning : The word ‘it’ in sub-clauses (a), (b) and (c) of clause (i) of sub-section (4) of section 80-ia has been used to denote ‘enterprise’.

Case Name : Gvpr Engineers Ltd. Vs. Asstt. CIT

Citation :[2012] 21 taxmann.Com 25/51 sot 207 (uro) (hyd.)/Kmc constructions ltd. Vs. Asstt. CIT

Court : Hyderabad High Court

Section : 80-IA

Meaning : The word ‘it’ cannot be related to the infrastructure facility, particularly in view of the fact that infrastructure facility includes rail system, highway project, water treatment system, irrigation project, a port, an airport or an inland port which cannot be owned by any one. Even otherwise, the word ‘it’ is used to denote an enterprise.

Prashant Thakur

The author has spent more than 30 years in the field of taxation. Wrote four books -3 on on Indian Tax Law and 1 on US tax law for cryptocurrency. Apart from https:taxworry.com , he also writes on https://irstaxapp.com which is for US tax laws. He is a tech enthusiast and manages a cloud computing company that publishes innovative software.

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