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1991 (11) TMI 223 - SC - Income TaxWhether the assessee are entitled to a higher rate of development rebate specified in s.33(1) (b) (B) (i)(a) and to relief under s.80 I of the Income-tax Act, 1961? Whether the assessee are engaged in the manufacture or production of any one or more of the articles or things specified in the relevant Schedule to the Act? Held that:- Appeal dismissed. The assessee cited a circular of the Board that, under item 2 of the schedule, the higher development rebate would be available to an assessee who manufactured articles from aluminium scrap [vide, circular no.25 D (XIX-16) dated 10th October, 1966]. The High Court, on this basis, answered the question by saying that the assessee before it was also entitled to the higher development rebate though it produced articles only from iron scrap. This does not really answer the real question but, for the reasons we have already given, we agree with the conclusion drawn by the High Court.
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