https://www.taxtmi.com/caselaws?id=69423 Development rebate reserve could be used during the prescribed eight-year period only for the business of the undertaking, not for distribution by way of dividends or profits. Writing back the reserve and appropriating it towards dividends, including provision for proposed dividend in the accounts, was treated as utilisation for dividend distribution. The reserve was therefore diverted from the permitted business purpose, and the assessee was disentitled to development rebate for the assessment year 1977-78. en-us Tue, 07 Apr 1998 00:00:00 +0530 Wed, 06 Apr 2011 16:56:45 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=69423 Development rebate reserve could be used during the prescribed eight-year period only for the business of the undertaking, not for distribution by way of dividends or profits. Writing back the reserve and appropriating it towards dividends, including provision for proposed dividend in the accounts, was treated as utilisation for dividend distribution. The reserve was therefore diverted from the permitted business purpose, and the assessee was disentitled to development rebate for the assessment year 1977-78. Case-Laws Income Tax Tue, 07 Apr 1998 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=69423