1993 (10) TMI 83

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.... export insurance charges incurred by it during the assessment years 1975-76 and 1976-77 ? 2. Whether, on the facts and in the circumstances of the case, the assessee was entitled to development rebate on accessories to machinery the orders for which were placed after December 1, 1973 ?" So far as the first question is concerned, counsel for the parties are agreed that following the ratio of the decision of this court in M. H. Daryani v. CIT [1993] 202 ITR 731, it may be answered in favour of the Revenue. In view of the above statement and following the ratio of the above decision, we answer the first question referred to us in the negative, i.e., in favour of the Revenue and against the assessee. For deciding a second question, the brie....

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....inery for which orders had been placed before December 1, 1973. This section, so far as relevant, reads : "16. Continuance of development rebate in certain cases.-The notification of the Government of India in the Ministry of Finance (Department of Revenue and Insurance) No. S. O. 2167, dated the 28th day of May, 1971, issued under sub-section (5) of section 33 of the Income-tax Act shall not apply in respect of -. . . . (c) any machinery or plant (not being machinery or plant referred to in clause (b)) installed by any assessee after the 31st day of May, 1974, but before the 1st day of June, 1975, if the assessee furnishes evidence to the satisfaction of the Income-tax Officer that before the 1st day of December, 1973, he had purchased s....