https://www.taxtmi.com/caselaws?id=38195 The High Court ruled against the assessee regarding the applicability of Circular No. 27 (LIX-2) of 1955 and Circular F. No. 10/49-65-IT(AI) dated October 14, 1965, for development rebate on a second-hand fishing trawler. The Court also held that profits from the sale of import entitlements did not qualify as profits derived from the export of goods. However, the assessee was deemed to qualify as an "industrial company" under section 2(7)(d) of the Finance Act, 1966, entitling them to a concessional tax rate of 55%. The parties were directed to bear their own costs. en-us Fri, 11 Apr 1975 00:00:00 +0530 Sat, 03 Apr 2010 16:28:19 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=38195 The High Court ruled against the assessee regarding the applicability of Circular No. 27 (LIX-2) of 1955 and Circular F. No. 10/49-65-IT(AI) dated October 14, 1965, for development rebate on a second-hand fishing trawler. The Court also held that profits from the sale of import entitlements did not qualify as profits derived from the export of goods. However, the assessee was deemed to qualify as an "industrial company" under section 2(7)(d) of the Finance Act, 1966, entitling them to a concessional tax rate of 55%. The parties were directed to bear their own costs. Case-Laws Income Tax Fri, 11 Apr 1975 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=38195