Friday, February 22, 2013

Interpretation of taxing statute as strict construction and exemption

Interpretation of taxing statute as strict construction and exemption


Tax Systems in India
The tax system of British India reflected characteristics of a traditional agriculture economy. Revenues of the central government were dominated by custom duties as domestic requirements for manufactured goods were dominated by custom duties as domestic requirements for manufactured goods were met mostly from imports, chiefly from Britain and other commonwealth countries. Import duties were levied on all most all items of imports whereas major items subject to export duties were jute and tea in which India enjoyed near monopoly in the world market. Various custom and tariff enactments were passed from time to time.
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