https://www.taxtmi.com/caselaws?id=5459 The Supreme Court upheld the High Court's decision that the loss on the sale of gas cylinders was not allowable as revenue expenditure under rule 5 or section 32(1)(iii) of the Income-tax Act, 1961, as the cylinders were not "actually used up." Additionally, the Court agreed that the appellant-company's development rebate claim of Rs. 24,15,622 was inadmissible due to non-compliance with statutory requirements outlined in section 34(3)(a) of the Act. The judgment emphasized the importance of meeting specific conditions to claim deductions and rebates under the Income-tax Act, 1961. en-us Wed, 06 Apr 1994 00:00:00 +0530 Tue, 25 Nov 2008 00:00:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=5459 The Supreme Court upheld the High Court's decision that the loss on the sale of gas cylinders was not allowable as revenue expenditure under rule 5 or section 32(1)(iii) of the Income-tax Act, 1961, as the cylinders were not "actually used up." Additionally, the Court agreed that the appellant-company's development rebate claim of Rs. 24,15,622 was inadmissible due to non-compliance with statutory requirements outlined in section 34(3)(a) of the Act. The judgment emphasized the importance of meeting specific conditions to claim deductions and rebates under the Income-tax Act, 1961. Case-Laws Income Tax Wed, 06 Apr 1994 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=5459