Law: Income Tax Act, 1961

Section: 2(5)(c),2(4)(c)

Income-tax----Export---Concessional rate of tax---Export and sale to exporters---Scope of S.2(5)(c) of Finance Act, 1966, and S.2(4)(c) of Finance (No.2) Act, 1967---Vegetable oil and vanaspati mentioned in S.2(5)(c)(8)---Refers to entire industry---Export and sale to exporter of de-oiled cakes ---Assessee not entitled to concessional rate of tax---Indian Finance Act, 1966, S.2(5)(c)--¬Indian Finance (No.2) Act, 1967, S.2(4)(c). In order to encourage export of industrial goods, the Finance Acts of 1966 and 1967 provided an additional incentive. A person engaged in the manufacture of any articles in an industry specified in the First Schedule to the Industries (Development and Regulation) Act, 1951, and who has exported such articles out of India or has sold the said articles to an exporter was entitled to an additional deduction specified in sub-clauses (ii) and (iii) of clause (a) of section 2(5) of the Finance Act, 1966, and section 2(4) of the Finance (No.2) Act, 1967. The relevant provisions in both the Finance Acts are identical. Both clauses (ii) and (iii) of clause (a) and clause (c) refer to articles only, as does the First Schedule to the Industries (Development and Regulation) Act. All of them carry the same meaning and purport. Moreover, clause (c) being an exception to sub-clauses (ii) and (iii) must follow the same pattern as in the said sub-clauses. Clause (c) opens with the words "Nothing contained in sub¬clause (ii) or sub-clause (iii) of clause (a) shall apply in relation to--". Then it proceeds to mention several articles, at the same time specifying the item numbers in the First Schedule to the Industries (Development and Regulation) Act under which the said articles fall. Just as the First Schedule mentions several articles under various heads, so, does clause (c) of section 2(5) of the Finance Act, 1966 and section 2(4) of the Finance (No.2) Act, 1967. The description is identical in both the First Schedule and clause (c). Where clause (c) seeks to refer to the entire item in the First Schedule, it does so and where it seeks to refer only to a particular sub-item of an item in the First Schedule, it says so---and the description is…

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