High Court rules in favor of assessee on development rebate for plant & machinery without creating reserve

The High Court of Bombay ruled in favor of the assessee regarding entitlement to development rebate for plant and machinery installed in earlier years without creating a reserve due to lack of profits. The court referenced a prior decision and did not award costs.

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The High Court of Bombay delivered a judgment on the issue of entitlement to development rebate for plant and machinery installed in earlier years without creating a reserve due to lack of profits. The court referred to a previous decision and ruled in favor of the assessee. No costs were awarded. (Case citation: 1988 (12) TMI 37 - BOMBAY High Court)

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