High Court rules for assessee on development rebate allowance under Income-tax Act

The High Court of Bombay ruled in favor of the assessee regarding the claim of development rebate allowance under section 33 of the Income-tax Act for the assessment years 1964-65 and 1966-67. The Tribunal's order was not sustained due to an amendment in section 34(3)(a) by the Finance Act, 1990. The questions were answered in the negative and in favor of the assessee. No costs were awarded.

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The High Court of Bombay ruled in favor of the assessee regarding the claim of development rebate allowance under section 33 of the Income-tax Act for the assessment years 1964-65 and 1966-67. The Tribunal's order was not sustained due to an amendment in section 34(3)(a) by the Finance Act, 1990. The questions were answered in the negative and in favor of the assessee. No costs were awarded.

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