Court allows carrying forward unabsorbed development rebate for future set-off

The High Court of Bombay ruled in favor of the assessee for the assessment year 1970-71 regarding carrying forward unabsorbed development rebate for future set-off against profits. The court cited an amendment to section 34(3)(a) by the Finance Act, 1990, and answered the question in the affirmative with no order as to costs.

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The High Court of Bombay delivered a judgment on the question of carrying forward unabsorbed development rebate for future set-off against profits. The court ruled in favor of the assessee for the assessment year 1970-71, citing an amendment to section 34(3)(a) by the Finance Act, 1990. The question was answered in the affirmative with no order as to costs. [Case: 1991 (2) TMI 103 - BOMBAY High Court]

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