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of <h1>Income Tax Act Errors in Export Profit Rebates: Urgent Review and Report Required by September 15, 1970.</h1> The circular addresses errors in granting tax concessions on export profits under the Income Tax Act, 1961, as amended by various Finance Acts. It highlights specific cases where rebates were incorrectly allowed, such as granting relief despite business losses, applying incorrect rebate rates, and misapplying industry exclusions. The Board emphasizes the need for careful understanding of legal provisions to avoid such errors and mandates an urgent review of all export rebate allowances by Internal Audit Parties. A report on the review's findings is required by September 15, 1970, to address concerns raised in the Audit Report, 1970.
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