1967 (8) TMI 18

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....2(5)(i) of the Finance Act, 1963?" Section 2(5)(i) of the Finance Act, 1963, provides that an assessee (other than a company) "whose total income includes any profits and gains derived from the export of any goods or merchandise cut of India, shall be entitled to a deduction, from the amount of income-tax and super-tax with which he is chargeable, of an amount equal to the income-tax and super-tax calculated respectively at one-tenth of the average rate of income-tax and of the average rate of super-tax on the amount of such profits and gains included in the total income." During the Samvat year 2018 the aseessee received a sum of Rs. 53,446 by way of commission. That sum included a sum of Rs. 22,776 which the assessee earned for his ser....

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....he full f.o.b. value of the goods against the agents and brokers, invoices, full set of clean on board bills of lading and lot-by-lot specifications for the tea shipped, according to the form presented by the buyers. The buyers undertake to open the letter of credit upon receipt of the documents showing the quantities, prices and preliminary total f.o.b. amount of the tea purchased. In case of any delay in shipment preliminary payment of the actual value of the goods is to be made on prompt date against invoices, godown warrants and specifications." For the sake of completeness the entire agreement is reproduced as an appendix to this judgment. We find it difficult to agree with the Appellate Tribunal and hold that the commissio....

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....ther assessed to land revenue in British India or subject to a local rate assessed and collected by officers of the Crown as such." The Privy Council said : "In each case there was included in the assessment of income made upon the assessee interest in respect of arrears of rent payable for land which was used for agricultural purposes and was either assessed to land revenue or subject to a local rate. That interest had been paid. The interest was, their Lordships understand, payable in all cases by virtue of various statutes which prescribed that interest should be payable on rent in arrears. The point put baldly is therefore 'Is such interest, rent or revenue, derived from land?' ... The word 'derived' is not a term of art. Its use ....