Development rebate reserve: accumulated reserves across installation and later years may satisfy the statutory reserve requirement for allowance. The Board states that the reserve condition in section 34(3)(a) for allowance of the development rebate is satisfied if the accumulated reserve attributable to the specific machinery or plant, created in the year of installation/use and/or in subsequent years, equals the required proportion of the rebate actually allowed in the year(s) of allowance; pending assessments and appeals should be completed or reviewed on this basis.
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Provisions expressly mentioned in the judgment/order text.
Development rebate reserve: accumulated reserves across installation and later years may satisfy the statutory reserve requirement for allowance.
The Board states that the reserve condition in section 34(3)(a) for allowance of the development rebate is satisfied if the accumulated reserve attributable to the specific machinery or plant, created in the year of installation/use and/or in subsequent years, equals the required proportion of the rebate actually allowed in the year(s) of allowance; pending assessments and appeals should be completed or reviewed on this basis.
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