Development rebate allowed on assets sold to Government - Whether not liable to be withdrawn even if vendor credits to profit and loss account reserve which he had originally crea

Development rebate allowed on assets sold to Government - Whether not liable to be withdrawn even if vendor credits to profit and loss account reserve which he had originally crea https://www.taxtmi.com/circulars?id=4435 Section 34(3)(a) conditions the allowance of development rebate on crediting a portion to a reserve and prohibiting its utilisation for distribution, remittance as profits, or creation of assets abroad for a statutory period; utilisation or transfer of that reserve into capital or profits contrary to those prohibitions results in forfeiture and withdrawal of the rebate, and the proviso shielding certain asset transfers does not excuse breach of the reserve-use requirement. en-us Wed, 06 Aug 1969 00:00:00 +0530 Tue, 29 Jul 2008 17:16:00 +0530 TaxTMI RSS Generator Development rebate allowed on assets sold to Government - Whether not liable to be withdrawn even if vendor credits to profit and loss account reserve which he had originally crea https://www.taxtmi.com/circulars?id=4435 Section 34(3)(a) conditions the allowance of development rebate on crediting a portion to a reserve and prohibiting its utilisation for distribution, remittance as profits, or creation of assets abroad for a statutory period; utilisation or transfer of that reserve into capital or profits contrary to those prohibitions results in forfeiture and withdrawal of the rebate, and the proviso shielding certain asset transfers does not excuse breach of the reserve-use requirement. Circulars Income Tax Wed, 06 Aug 1969 00:00:00 +0530 https://www.taxtmi.com/circulars?id=4435