9911796707
TMI Blog1989 (4) TMI 4X X X X Extracts X X X X X X X X Extracts X X X X ..... being the respective calendar years 1964, 1965 and 1966), the assessee claimed concessional rates of income-tax, development rebate at higher rate and deduction under section 80E of the Income-tax Act, 1961, on the ground that the manufacture of strawboard was a priority industry. For the assessment year 1965-66, the total income assessed was Rs. 17,71,334 and against the basic rate of 80 per cent., the assessee claimed rebate at the rate of 35 per cent. up to Rs. 10,00,000 and on the balance at 26 per cent. The Income-tax Officer allowed the rebate at 30 per cent. up to Rs. 10,00,000 and at 20 per cent. on the balance. For the assessment year 1966-67, the assessee claimed development rebate under section 33 of the Income-tax Act at the rat ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... o the statutory rebates claimed by it. At the instance of the Revenue, the Tribunal referred the following questions to the High Court for its opinion "Assessment year 1965-66: Whether, on the facts and in the circumstances of the case, the Appellate Tribunal was right in law in holding that 'strawboard' is covered by the term 'paper and pulp' appearing in Paragraph F of Part I read with Part III of the First Schedule to the Finance Act, 1965 (X of 1965) ? Assessment years 1966-67 and 1967-68 : Whether, on the facts and in the circumstances of the case, the Appellate Tribunal was right in law in holding that 'strawboard' is covered by the term 'paper and pulp' appearing at item 16 of the Fifth Schedule to the Income-tax Act, 1961, and i ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... e conclusion to be reached in this case. The High Court has referred to the licence dated May 31, 1954, issued to the assessee that the undertaking of the assessee was registered in terms of section 10 of the Industries (Development and Regulation) Act, 1951, and the details given in the licence declare that it relates to a Schedule industry which includes newsprint, paperboard and strawboard. The High Court has also referred to the circumstance that the process of manufacturing strawboard is, identical with that of manufacturing paper. The expression "paper and pulp" in the Industries (Development and Regulation) Act includes paperboard and strawboard. Our attention has been drawn to the entry relevant to the assessment year l964-65 which ..... X X X X Extracts X X X X X X X X Extracts X X X X
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