1989 (4) TMI 4

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....nd 1967-68 (the relevant previous years being the respective calendar years 1964, 1965 and 1966), the assessee claimed concessional rates of income-tax, development rebate at higher rate and deduction under section 80E of the Income-tax Act, 1961, on the ground that the manufacture of strawboard was a priority industry. For the assessment year 1965-66, the total income assessed was Rs. 17,71,334 and against the basic rate of 80 per cent., the assessee claimed rebate at the rate of 35 per cent. up to Rs. 10,00,000 and on the balance at 26 per cent. The Income-tax Officer allowed the rebate at 30 per cent. up to Rs. 10,00,000 and at 20 per cent. on the balance. For the assessment year 1966-67, the assessee claimed development rebate under sec....

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....unal held that the assessee was entitled to the statutory rebates claimed by it. At the instance of the Revenue, the Tribunal referred the following questions to the High Court for its opinion "Assessment year 1965-66: Whether, on the facts and in the circumstances of the case, the Appellate Tribunal was right in law in holding that 'strawboard' is covered by the term 'paper and pulp' appearing in Paragraph F of Part I read with Part III of the First Schedule to the Finance Act, 1965 (X of 1965) ? Assessment years 1966-67 and 1967-68 : Whether, on the facts and in the circumstances of the case, the Appellate Tribunal was right in law in holding that 'strawboard' is covered by the term 'paper and pulp' appearing at item 16 of the....