TaxTMI 
TaxTMI 
Rebate of income tax in respect of export
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....e outside India; and in addition (ii)in the case of an assessee who manufactures-specified commodities(i.e commodities listed in the First Schedule to the Industries (Development & Regulation) Act 1951 at the average rate of tax applicable to the total income of the assessee on an amount equal to 2 per cent of the sale proceeds of such commodities exported by him directly or sold by him to any ot....
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....e/tax in relation to exports were discontinued after the Finance (No.2) Act 1967 and these provisions, there fore do not find a place in the Finance Act of 1968 and subsequent years. 2. The Comptroller & Auditor General has reported a case in paragraph 19(iv) of his Report for the year 1971-72, where an Income-tax officer has granted rebate of tax under the aforesaid provisions even for the asses....
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....view cases in their respective Wards to ensure that rebate of Income tax in relation to exports is granted strictly in accordance with law. They should ensure that for the assessment year 1967-68 no rebate of tax is granted in relation to exports/sales made after the 5th June,1966 and that such rebate is not allowed for any assessment year after the assessment year 1967-68. Wherever possible remed....