Law:

Section:

Section 33, read with section 256 of the Income-tax Act, 1961 - Development rebate - Assessment year 1976-77 - Whether no referable question of law arose from Tribunals order that in commercial sense tyre - cord manufactured by assessee was an ancilliary for which it was entitled to higher rate of development rebate - Held, yes Note : In favour of the assessee. CASES REFERRED TO CIT v. Nirlon Synthetic Fibres and Chemicals Ltd. [1981] 130 ITR 14 (SC) and CIT v. National Rayon Corporation Ltd. (1992) 193 ITR 744 (Bom.) (Appex.). G.S. Jetley, K.C. Sidhwa and Mrs. Manjula singh for the Applicant. I.M. Munim and S. J. Mehta for the Respondent. JUDGMENT This is an application under section 256(2) of the Income-tax Act, 1961, asking us to issue a direction to the Income-tax Appellate Tribunal to refer to us certain questions which are set out in the application. Rule, however, has been issued only in respect of question No. 1 in R.A. No. 2611/(Bom) of 1984. This question is as follows : "Whether, on the facts and in the circumstances of the case and in law, the Tribunal was correct in holding that tyre-cord manufactured by the assessee was an 'automobile ancillary' and whether the assessee is entitled to higher rate of development rebate under section 33(1)(b)( B)(i)?" The present question relates to the…

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