1978 (10) TMI 21

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....ncome-tax Appellate Tribunal, Chandigarh Bench, at the instance of the CIT Patiala : " Whether, on the facts and in the circumstances of the case, the Appellate Tribunal was right in law in holding that the assessee was entitled to development rebate at the rate of 35% under section 33(1)(b)(B)(i) read with item No. (1) of the Fifth Schedule to the Income-tax Act, 1961 ? " It is not disputed t....

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....el (metal), ferro-alloys and special steels. (2) Aluminium, copper, lead, and zinc (metals) ........" From the bare reading of this provision, it is obvious that if an assessee is engaged in construction, manufacture or production of any of the items mentioned in the Fifth Schedule, he is entitled to the rebate at the rate of 35 per cent. The Central Board of Direct Taxes was required to inter....

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....for the purpose of the allowance of the higher rate of development rebate, Aluminium (metals) should necessarily be manufactured from aluminium ores, namely, bauxite, or it may be manufactured even from aluminium scrap. The matter has been examined by the Board and it has been decided that for the purpose of allowing the higher rate of development rebate at 35%, item (2) of the Fifth Schedule woul....