https://www.taxtmi.com/caselaws?id=5309 Compliance with proviso (b) to section 10(2)(vib) of the Indian Income-tax Act, 1922 depended on the timing and manner of creating the development rebate reserve for plant and machinery installed after 1 January 1958. The Court reviewed the earlier authority, the conflicting High Court views on its effect, and the CBDT clarification, and accepted that the remaining clarifications continued to apply where no reserve was required or deficiencies could be made good. On that basis, it held that the assessee had complied with the proviso and was entitled to development rebate, leaving the High Court's decision in the assessee's favour undisturbed. en-us Fri, 26 Oct 1990 00:00:00 +0530 Sun, 23 Nov 2008 00:00:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=5309 Compliance with proviso (b) to section 10(2)(vib) of the Indian Income-tax Act, 1922 depended on the timing and manner of creating the development rebate reserve for plant and machinery installed after 1 January 1958. The Court reviewed the earlier authority, the conflicting High Court views on its effect, and the CBDT clarification, and accepted that the remaining clarifications continued to apply where no reserve was required or deficiencies could be made good. On that basis, it held that the assessee had complied with the proviso and was entitled to development rebate, leaving the High Court's decision in the assessee's favour undisturbed. Case-Laws Income Tax Fri, 26 Oct 1990 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=5309