M/S. PRAKASH TRADINGS COMPANY vs COMMISSIONER OF INCOME TAX,GUJARAT

The Supreme Court addressed the eligibility of the assessee for tax deductions under Section 2(5)(a)(ii) and (iii) of the Finance Act, 1966, and Section 2(4)(a)(ii) and (iii) of the Finance Act, 1967, concerning the export of deoiled cakes. The Court held that the provisions aimed to incentivize exports and confirmed that the assessee was entitled to claim deductions for the assessment years 1966-67 and 1967-68. The judgment reversed the Gujarat High Court's decision, ruling in favor of the assessee.