Meaning of tax terms

Meaning of ” Levied”

Posted on by Prashant Thakur

Case Name : CIT  vs. Zoroastrian building society ltd.

Citation : [1955] 27 ITR 218 (BOM.)

Court : Bombay High Court

Section : 23

Meaning : The only natural and proper construction which could be placed upon the expression ‘levy’ used in the third proviso to section 9(2) of the 1922 act is ‘impose’ and not ‘collect’.

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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