Rebate, discount; reducing the interest of money in consideration of prompt payment or otherwise.
A return of part of a payment, serving as a discount or reduction, Black's Law Dictionary, 7th Edn., p. 1273
The word 'rebate' in s. 16(2) of the Income Tax Act, 1922 not only relates to rebate granted under the Indian Finance Act but is wide enough to include any rebate which may be granted by other statutory orders--The word 'rebate' is an apt word to use in respect of remission, Commissioner of Income Tax v. Anant Rao B.Kamat, AIR 1966 SC 279: (1964) 8 SCR 263. [Income Tax Act, 1922, s. 16(2)]
Rebate, is an apt word to use in respect of a remission, Commissioner of Income Tax, Delhi and Rajasthan, New Delhi v. Anant Rao Kamat, AIR 1966 SC 279.