COMMISSIONER OF INCOME TAX Vs. WEST INDIA STEEL COMPANY LIMITED

JUDGEMENT

(1.) The question referred to us in relation to the assessment of the West India Steel Co. Ltd., Feroke for the assessment years 1966-67 to 1971-72 reads as follows:

(2.) The Tribunal by a common order dealing with the appeals relating to the above assessment orders upheld the contention of the assesses; that he was entitled to the higher rate of development rebate. The question has to be answered by interpreting S.33(1)(b)(B)(i)(a) and item (1) in the Fifth Schedule to the Income Tax Act", 1961, for short the Act. We shall extract S.33(1)(a)(b)(B)(i)(a):

(3.) We dealt with an identical question in Income Tax Referred Case Nos. 74 to 76 of 1973 and answered the same in favour of the assessee, holding that he was entitled to the higher rate of rebate provided in the section. At the time when these references came up for hearing, counsel for the Revenue submitted that the view taken in the judgment disposing of ITR. Nos. 74 to 76 of 1973 requires reconsideration. We therefore passed an order of reference, the relevant portion of which is in these terms:--