https://www.taxtmi.com/caselaws?id=60803 The Tribunal ruled in favor of the assessee, holding that the manufacturing unit engaged in hosiery production was entitled to a 25% development rebate under section 33 of the Income-tax Act, 1961. The Tribunal interpreted 'hosiery' broadly to include products made from various materials, not limited to cotton, and compared it with similar provisions to support its view. Emphasizing the inclusive nature of the term, the Tribunal favored the assessee's interpretation, applying the principle that in fiscal statutes, the view favoring the taxpayer should be adopted when reasonable doubt exists. As a result, the revenue's appeal was dismissed, and the assessee's appeal for the 25% rebate was partially allowed. en-us Fri, 07 Jan 1983 00:00:00 +0530 Sat, 08 Jan 2011 11:29:07 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=60803 The Tribunal ruled in favor of the assessee, holding that the manufacturing unit engaged in hosiery production was entitled to a 25% development rebate under section 33 of the Income-tax Act, 1961. The Tribunal interpreted 'hosiery' broadly to include products made from various materials, not limited to cotton, and compared it with similar provisions to support its view. Emphasizing the inclusive nature of the term, the Tribunal favored the assessee's interpretation, applying the principle that in fiscal statutes, the view favoring the taxpayer should be adopted when reasonable doubt exists. As a result, the revenue's appeal was dismissed, and the assessee's appeal for the 25% rebate was partially allowed. Case-Laws Income Tax Fri, 07 Jan 1983 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=60803