TMI Blog"vegetable oils and vanaspati"X X X X Extracts X X X X X X X X Extracts X X X X ..... ofits are set-off against any losses in the process of computing the total income, no tax concession will be available. Under the Finance Act, 1963 and subsequent Finance Acts upto 1967, a further concession of deduction of tax on 2 per cent of the sale proceeds from export of specified commodities was allowed from the total tax payable by assessees. During test-checks conducted by the Revenue Aud ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... specifically excluded from those entitled to the concession for exports made out of India. An assessee engaged in the extraction of vegetable oils from oil cakes was granted rebate at the prescribed rate on the sale proceeds relating to export of de-oiled cake on the incorrect assumption that the said exclusion applied only to the articles "vegetable oils and vanaspati" and not to other articles m ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ant time. Since specific cases of lapses have been brought out in the Audit Report, 1970, there is every likelihood of this subject coming up for discussion in the Public Accounts Committee meeting. The Board, therefore, desire that a review of all cases of allowance of export rebates be conducted urgently through the Internal Audit Parties and rectificatory action taken promptly wherever found ne ..... X X X X Extracts X X X X X X X X Extracts X X X X
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