Law:

Section:

Section 280ZD of the Income-tax Act, 1961, read with Schedule 1 of the Tax Credit Certificate (Excise Duty on Excess Clearance) Scheme, 1965 - Tax credit certificates in relation to increased production of certain goods - Assessment years 1965-66 to 1969-70 - Petitioner, manufacturer of different variety of papers, claimed that tax credit certificates should be for amount of excise duty payable and not actually paid in respect of goods manufactured by it; that it should cover special excise duty payable; that it should be determined item wise and with reference to aggregate quantity of goods produced; and that duplex board should also be considered for determining amount of said certificate - Whether expression 'duty of excise leviable under Act' in section 280ZD(6) will always take in statutory notifications which modify rate of duty referred to in First Schedule to Act -Held, yes - Whether, therefore, amount for which assessee would be entitled to tax credit certificate could not be determined without reference to various exemption or concession notifications - Held, yes - Whether though special excise duty is imposed under Finance Act, it can be levied and collected only under Central Excise and Salt Act and hence such special excise duty will also be covered by definition of 'duty of excise' in section 280ZD(6)(b) - Held, yes - Whether each class of goods is distinct variety of goods and hence for purpose of giving tax credit, all varieties of papers manufactured by petitioner with their separate and distinct qualities should not be lumped together - Held, yes - Whether having regard to nature of entry in serial No. 3 of Schedule I to Scheme, that only paper of all sorts other than newsprint and boards would be entitled to benefit of credit scheme, benefit of scheme could not be claimed in respect of duplex board manufactured by petitioner - Held, yes Words and phrases : Expressions 'base year' and 'duty of excise' as occurring in section 280ZD(1) of the Income-tax Act, 1961. Circulars and notifications : Notification No. G.S.R. 1636, dated 5-11-1965 issued by the Central Government. FACTS The Government of India framed a scheme called 'Tax Credit…

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