After the Fourth Schedule to the Income tax Act, the following Schedule shall be inserted namely :
The Fifth Schedule
[See section 33(1)(iii)(c)]
List of Articles and Things
(1) Iron and steel (metal), ferro alloys and special steels.
(2) Aluminium, copper, lead and zinc (metals).
(3) Iron ore, bauxite, manganese ore, dolomite, limestone, magnesite and mineral oil.
(4) Industrial machinery specified under the heading "8. Industrial machinery", sub heading "A. Major items of specialised equipment used in specific industries", of the First Schedule to the Industries (Development and Regulation) Act, 1951 (65 of 1951).
(5) Boilers and steam generating plants, steam engines and turbines and internal combustion engines.
(6) Flame and drip proof motors.
(7) Equipment for the generation and transmission of electricity including transformers, cables and transmission towers.
(8) Machine tools and precision tools (including their attachments and accessories, cutting tools and small tools), dies and jigs.
(9) Tractors, earth moving machinery and agricultural implements.
(10) Motor trucks and buses.
(11) Steel castings and forgoings and malleable iron and steel castings.
(12) Cement and refractories.
(13) Fertilisers, namely, ammonium sulphate, ammonium sulphate nitrate (double salt), ammonium nitrate, calcium ammonium nitrate (nitrolime stone), ammonium chloride, super phosphate, urea and complex fertilisers of synthetic origin containing both nitrogen and phosphorus, such as ammonium phosphates, ammonium sulphate phosphate and ammonium nitro phosphate.
(14) Soda ash.
(15) Pesticides.
(16) Paper and pulp.
(17) Electronic equipment, namely, radar equipment, computers, electronic accounting and business machines, electronic communication equipment, electronic control instruments and basic components, such as valves, transistors, resistors, condensors, coils, magnetic materials and micro wave components.
(18) Petrochemicals including corresponding products manufactured from other basic raw materials like calcium carbide, ethyl alcohol or hydrocarbons from other sources.
(19) Ships.
(20) Automobile ancillaries.
(21) Seamless tubes.
(22) Gears.
(23) Ball, roller and tapered bearings.
(24) Component parts of the articles mentioned in items Nos. (4), (5), (7) and (9), that is to say, such parts as are essential for the working of the machinery referred to in the items aforesaid and have been given for that purpose some special shape or quality which would not be essential for their use for any other purpose and are in complete finished form and ready for fitment.
(25) Cotton seed oil.,