- (1.) We have heard learned counsel for the petitioner and the learned Standing counsel. An exemption notification under Section 4-A of the U.P. Trade Tax, 1948 dated 31.03.1995 has been published in the U.P. Gazette, Extra-ordinary dated 1.4.1995.
(2.) In a nutshell it granted exemption from trade tax (1) to units being established newly for the first time, and (2) to existing units undertaking expansion. The English version of the disputed part of the notification dealing with the monetary limit up to which the benefit of exemption from or reduction in the rate of tax was permissible reads as follows : "250 percent of the fixed capital investment or, as the case may be, the additional fixed capital investment".
(3.) The question arising for consideration in this writ petition is whether the expression "250 percent of the" qualifies only the first item i.e. "fixed capital investment", or the said expression also qualifies, the second item i.e. "additional fixed capital investment".;