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JUDGMENT P.B. Mukharji, CJ.-This is a case of first impression on Tax Credit Certificate under section 280ZC read with section 280ZE(3) of the Income-tax Act, 1961. This is an appeal from the judgment and order of K.L. Roy J. The petitioner applied to the court for a writ in the nature of mandamus directing the respondents to forthwith give the petitioner tax credit certificates under the Tax Credit Certificate (Exports) Scheme, 1965, in respect of sale of jute goods including jute carpet backing cloth. The petitioner had also asked for a writ of certiorari to issue quashing the notification No. G.S.R. 865 dated 6th June, 1966, and notification No. G.S.R. 1226 dated 8th August, 1966. The application was moved on or about 5th day of December, 1967. B.C. Mitra J. issued a rule on the 7th day of December, 1967. K.L. Roy J. on or about 25th March, 1970, made the rule absolute. Two notifications which are the subject-matter of challenge are to be noticed now. The first notification is dated the 6th June, 1966. The devaluation of the Indian currency was made on the 6th June, 1966. This notification reads as follows: "In exercise of the powers conferred by section 280ZE of the Income-tax Act, 1961, read with section 280ZC thereof and of all other powers enabling it in this behalf, the Central Government hereby makes the following further amendment to the Tax Credit Certificate (Exports) Scheme, 1965, namely:- In the said Scheme, paragraph 3 shall be re-numbered as sub-paragraph (1) of that paragraph and after sub-paragraph (1) as so re-numbered (as sub-paragraph (1) of that paragraph), the following sub-paragraph shall be inserted, namely:- (2) No certificate shall be granted under sub-paragraph (1) in respect of any sale proceeds referred to in that sub-paragraph or part of such sale proceeds received after the 5th day of June, 1966, in India in accordance with the Foreign Exchange Regulation Act, 1947 (7 of 1947), and the rules made thereunder." Thereafter, by another notification dated the 8th August, 1966, it was provided, inter alia, as follows: G.S.R. No. 1226: "In exercise of the powers conferred by section 280ZE of the Income-tax Act, 1961, read with…

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