1989 (4) TMI 339

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....tax, development rebate at higher rate and ', deduction under Section 80-E 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 Section 33 of the Income Tax Act at the rate of 25 per cent on the value of the machinery installed after 1 April, 1965 worth Rs. 34,287/-, but re....

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....l 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 (Act No. 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 Fifth Schedule to the Income Tax Act, 1961 and in allowing the assessee's claim under sec....