https://www.taxtmi.com/caselaws?id=70213 A genuine shortfall in the statutory reserve for development rebate or investment allowance may be condoned where it is later cured by valid amendment of the accounts and creation of the required additional reserve in the current books. The delay in completing the rectification was not treated as fatal, because amendment of disclosed company accounts was recognised as a special procedure that necessarily takes time. The allowance was therefore to be reconsidered on the basis of the revised reserve position, and worked out with reference to the reserves standing to the credit of the relevant year. en-us Fri, 27 Mar 1981 00:00:00 +0530 Thu, 14 Apr 2011 18:39:34 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=70213 A genuine shortfall in the statutory reserve for development rebate or investment allowance may be condoned where it is later cured by valid amendment of the accounts and creation of the required additional reserve in the current books. The delay in completing the rectification was not treated as fatal, because amendment of disclosed company accounts was recognised as a special procedure that necessarily takes time. The allowance was therefore to be reconsidered on the basis of the revised reserve position, and worked out with reference to the reserves standing to the credit of the relevant year. Case-Laws Income Tax Fri, 27 Mar 1981 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=70213