Rebate of income tax for export profits barred for exports after the rupee devaluation; officers must review and rectify grants. Rebate of Income-tax for export profits under the Finance (No.2) Act, 1967 was limited to exports before the rupee devaluation date and to specified manufacturers; rebates were not available for exports or sales to exporters after that date nor for assessment years following 1967-68. Cash subsidy and excise drawbacks are not part of export sales or profits and must be excluded from rebate calculations. Income-tax Officers must review and rectify improper grants, take remedial action including surtax consequences where applicable, and report compliance with details of cases checked and tax effect.
Cases where this provision is explicitly mentioned in the judgment/order text; may not be exhaustive. To view the complete list of cases mentioning this section, Click here.
Provisions expressly mentioned in the judgment/order text.
Rebate of income tax for export profits barred for exports after the rupee devaluation; officers must review and rectify grants.
Rebate of Income-tax for export profits under the Finance (No.2) Act, 1967 was limited to exports before the rupee devaluation date and to specified manufacturers; rebates were not available for exports or sales to exporters after that date nor for assessment years following 1967-68. Cash subsidy and excise drawbacks are not part of export sales or profits and must be excluded from rebate calculations. Income-tax Officers must review and rectify improper grants, take remedial action including surtax consequences where applicable, and report compliance with details of cases checked and tax effect.
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