2001 (8) TMI 1360

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..... 1728 of 1993 as amended by S.R.O. No. 429 of 1995 and S.R.O. No. 585 of 1996 arises in this case. The year in question is the assessment year 1995-96. The assessee is a small-scale industrial unit. According to the assessee, as per S.R.O. No. 429 of 1995, smallscale industrial unit whose turnover does not exceed Rs. 50,00,000 were entitled to deduction of tax. Subsequently, by S.R.O. No. 585 of ....

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....does not exceed Rs. 50 lakhs is entitled to deduction on the sale of goods manufactured by them within the State and the rate of tax is 4 per cent". Even though S.R.O. No. 1728 of 1993 came into force on November 4, 1993, item No. 8 was introduced only by S.R.O. No. 429 of 1995 with effect from April 1, 1995. The small-scale industrial units whose total turnover does not exceed Rs. 50 lakhs, the r....

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....ing the previous year 1994-95 and hence, it is not entitled to the benefit of the explanation. 3.. According to us, the interpretation given by the assessing authority as well as the Tribunal is not correct. Even though S.R.O. No. 1728 of 1993 came earlier, so far the small-scale units whose turnover is less than Rs. 50 lakhs are concerned, they got concession of reduction in tax only by S.R.O.....

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..... 50 lakhs in 1994-95. So, if 1994-95 is taken into consideration as the first year, then the assessee will be entitled to the benefit. As the assessee rightly contended the exemption has come into force only with effect from April 1, 1995, and hence that should be treated as the starting period. The small-scale industrial units whose turnover is below Rs. 50 lakhs are entitled to reduction in tax....