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Introducing the “In Favour Of” filter in Case Laws.
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of <h1>Development Rebate Withdrawal: Section 34(3)(a) Conditions for Assets Sold to Government and Reserve Account Compliance.</h1> The circular clarifies the conditions under which the development rebate on assets sold to the government is liable to be withdrawn. According to Section 34(3)(a), the development rebate is contingent on certain conditions, including maintaining a reserve account for eight years without using it for dividends, profits, or external investments. If assets are sold to the government within this period, and the reserve is credited to the proprietor's capital account, it is considered a violation, leading to the withdrawal of the rebate. The circular emphasizes that even if asset transfer conditions are relaxed, the reserve account condition remains strictly enforceable.
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