https://www.taxtmi.com/caselaws?id=99976 The High Court ruled in favor of the assessee, confirming their entitlement to the development rebate under section 34(3)(a) of the Income-tax Act, 1961. The court held that the development rebate reserve was created before the finalization of the accounts, meeting the statutory requirements. The decision affirmed that the assessee had substantially complied with the conditions for claiming the development rebate, as the necessary steps were taken before the assessment proceedings commenced. en-us Fri, 16 Apr 1982 00:00:00 +0530 Mon, 30 Jan 2012 17:50:10 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=99976 The High Court ruled in favor of the assessee, confirming their entitlement to the development rebate under section 34(3)(a) of the Income-tax Act, 1961. The court held that the development rebate reserve was created before the finalization of the accounts, meeting the statutory requirements. The decision affirmed that the assessee had substantially complied with the conditions for claiming the development rebate, as the necessary steps were taken before the assessment proceedings commenced. Case-Laws Companies Law Fri, 16 Apr 1982 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=99976