Pathak, J. - (1.) This appeal by special leave is directed against the judgment and order of the High Court of Allahabad dismissing a writ petition filed by the appellant.
(2.) The appellant is a private limited company carrying on the business of the manufacture and sale of locks used in suitcases. It filed a return of its-income for the assessment year 1963-64 and was assessed to income-tax by an assessment order dated March 12, 1968. No claim was made by the assessee for rebate under S. 84 of the Income-tax Act, 1961. There was an appeal by the assessee to the Appellate Assistant Commissioner of Income-tax but no claim was made for rebate at that stage either. Subsequently on Aug. 20, 1969 the appellant made an application under S. 154 of the Income-tax Act praying for rectification of the assessment order by the grant of relief under S. 84 of the Act. The application was rejected by the Income-tax Officer. A revision application moved by the appellant before the Commissioner of Income-tax was also rejected on March 6, 1972. Against the order of the Commissioner the appellant now filed a writ petition in the High Court of Allahabad. The High Court dismissed the writ petition on Sept. 23, 1972. And now this appeal by special leave.
(3.) Section 84 of the Income-tax Act, as it stood at the relevant time, provided that income-tax would not be payable by an assessee on so much of the profits and gains derived from any industrial undertaking to which the section applied as did not exceed 6 per cent per annum on the capital employed in such undertaking computed in the prescribed manner. The section applied to an industrial undertaking which satisfied certain conditions detailed in the section. It may be observed that S. 84 was deleted with effect from April 1, 1968 and now finds place as S. 80J in the Act.;