Supreme Court Withdraws Development Rebate, Criticizes High Court Failure.

The Supreme Court allowed the appeals, withdrawing the development rebate under section 155(5) of the Income-tax Act, 1961, based on a previous court decision. The High Court's failure to direct a case to be stated before it under section 256(2) of the Income-tax Act was criticized. The decision favored the Revenue.

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The Supreme Court allowed the appeals and withdrew the development rebate under section 155(5) of the Income-tax Act, 1961, based on a previous court decision. The High Court was criticized for not directing a case to be stated before it under section 256(2) of the Income-tax Act. The decision was in favor of the Revenue.

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