Input Tax Credit — The applicant has filed an appeal before the AAAR contending that Rule 32 (5) is applicable to Paintings bought from individual art collectors/Antique watches/Antique Jewelry /Collectibles are purchased from individual collectors and users. However, the AAR has held that Paintings/Antique jewelry/ Collectibles/Antique watches cannot be called as ‘used goods’ and therefore the Rule 32(5) is not applicable here. Held that— There is nothing in Rule 32 (5) which says that it is not applicable to valuable or precious objects or objects having antique value. It is a settled principle of jurisprudence that when the words of a statute are unambiguous and only one reasonable meaning can be given to it, then the courts are bound to give effect to that meaning. Such words have to be interpreted in their natural and ordinary sense. Therefore, the term ‘second-hand and used’ has to be given its ordinary meaning and nothing more is to be attributed to it especially when the legislature has not chosen to expand or contract its meaning. Antique pieces are also second-hand and used by people before they come in the market. The paintings are bought by the appellant from individual art collectors. It presupposes that the art collectors have bought it second-hand or used and then sold it to the appellant. It would be an entirely different thing if the appellant has bought the paintings from the artists themselves. However, this is not the fact before us and we go entirely by the submissions of the appellant that they have bought it from individual art collectors. If such is the case, then there are no grounds to say that they are not second-hand or used. All the categories- valuable paintings, antique watches, antique jewelry, though falling under the category of valuable goods, are at the same time also ‘second hand or used goods’ and therefore they cannot be denied the benefit of Rule 32(5). We feel that the term ‘antique books’ is evocative enough to describe what it contains and the appellant can apply Rule 32(5) to it. — Safset Agencies Pvt. Ltd., In Re… [2019] 17 TAXLOK.COM 129 (AAAR-Maharashtra)