https://www.taxtmi.com/caselaws?id=5501 The Supreme Court upheld the High Court's decision, ruling in favor of the assessee in a case concerning the interpretation of section 33A of the Income-tax Act, 1961. The Court emphasized that the development allowance for tea industry expansion is not limited to the year of expenditure but can be claimed in subsequent years. It clarified that the actual cost of planting can be recomputed over four years, allowing for the grant of excess allowance if the recomputed amount exceeds the previously allowed deduction. The Court affirmed the High Court's interpretation of section 33A, dismissing the civil appeal with each party bearing its own costs. en-us Tue, 13 Feb 1996 00:00:00 +0530 Tue, 25 Nov 2008 00:00:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=5501 The Supreme Court upheld the High Court's decision, ruling in favor of the assessee in a case concerning the interpretation of section 33A of the Income-tax Act, 1961. The Court emphasized that the development allowance for tea industry expansion is not limited to the year of expenditure but can be claimed in subsequent years. It clarified that the actual cost of planting can be recomputed over four years, allowing for the grant of excess allowance if the recomputed amount exceeds the previously allowed deduction. The Court affirmed the High Court's interpretation of section 33A, dismissing the civil appeal with each party bearing its own costs. Case-Laws Income Tax Tue, 13 Feb 1996 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=5501