DIPAK KUMAR SEN, J.

( 1 ) THIS reference under Section 256 (1) of the Income-tax Act, 1961, initiated at the instance of the assessee in respect of the assessment years 1965-66, 1966-67 and 1967-68 involves the question whether the assessee. The Indian Steel and Wire Products Ltd. , Calcutta, who manufactures and processes wire rods will be entitled to rebate allowed under the 1965 Finance Act and deduction allowed in the 1966 Finance Act incorporating Section 80e in the Income-tax Act, 1961, by reason of its products, namely, wire rods, coming within the definition of the item or an article or thing in item 1 of Part III of the 1965 Finance Act and under item 1 of the Fifth Schedule to the Income-tax Act, 1961. The description of item 1 in both Part III of the 1965 Finance Act as also in the Fifth Schedule of the Income-tax Act, 1961, is as follows : "iron and steel (Metal), ferro alloys and special steel. "

( 2 ) THE facts found and/or admitted as appearing in the statement of the case and the annexures thereto may be shortly stated as follows : the assessee manufactures steel wire rods in coils and straight lengths. These wire rods are sold as such and are also further processe

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