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<h1>Calcutta High Court Upholds Development Rebate for Assessee</h1> The High Court of Calcutta ruled in favor of the assessee, allowing development rebate despite no reserve being created due to nil income assessed. The ... Developement Rebate The High Court of Calcutta ruled in favor of the assessee, stating that they were entitled to development rebate even though no reserve was created due to nil income assessed. The Tribunal's decision was upheld based on a previous court ruling. The Central Board of Direct Taxes also accepted this position in a circular.