Development rebate allowed on assets sold to Government - Whether not liable to be withdrawn even if vendor credits to profit and loss account reserve which he had originally crea
Contents
Summary
Note
Bookmark
Share
✓ Copied successfully !
Print
Print Options
For full text, please login
Login to TaxTMI
Verification Pending
The Email Id has not been verified. Click on the link we have sent on
Development rebate reserve condition: misuse of the reserve triggers withdrawal of the rebate even after sale to government. Section 34(3)(a) conditions the allowance of development rebate on crediting a portion to a reserve and prohibiting its utilisation for distribution, ... Summary
Development rebate reserve condition: misuse of the reserve triggers withdrawal of the rebate even after sale to government.
Section 34(3)(a) conditions the allowance of development rebate on crediting a portion to a reserve and prohibiting its utilisation for distribution, remittance as profits, or creation of assets abroad for a statutory period; utilisation or transfer of that reserve into capital or profits contrary to those prohibitions results in forfeiture and withdrawal of the rebate, and the proviso shielding certain asset transfers does not excuse breach of the reserve-use requirement.
Full Summary is available for active users!
Note: It is a system-generated summary and is for quick reference only.
TaxTMI 
Join Channel
TaxTMI 
