TaxTMI 
TaxTMI 
1980 (1) TMI 48
X X X X Extracts X X X X
X X X X Extracts X X X X
....y S.P. GOYAL J.-The question referred to us under s. 256(1) of the I.T. Act, 1961 (hereinafter called " the Act "), at the instance of the revenue is as to whether, on the facts and in the circumstances of the case, the Tribunal was right in law in holding that the assessee is entitled to development rebate under s. 33(1)(b)(B)(i) of the Act. The assessee-company was engaged in the manufactu....
X X X X Extracts X X X X
X X X X Extracts X X X X
....lowed development rebate at the rate of 15 per cent. under s. 33(1)(b)(B)(iv)(b) of the Act. On appeal before the AAC, the assessee changed his stand and urged that the plant had been installed by him for the manufacture of automobile ancillaries which fell under item 20 of the said list in Fifth Schedule. The appellate authority, again, held that the machinery set up was not exclusively design....
X X X X Extracts X X X X
X X X X Extracts X X X X
.... an automobile ancillary for obtaining IDA financing. The registration of the assessee-company as an automobile ancillary would not show that it is producing automobile ancillary. The finding of fact recorded by the AAC that the company was not producing any item which could be used only as automobile ancillary was neither challenged nor set aside by the Tribunal. The registration certificate simp....