https://www.taxtmi.com/caselaws?id=5609 The Supreme Court upheld that machinery need not be exclusively used for Fifth Schedule items to qualify for development rebate under Section 33(1)(a). The Court emphasized that the machinery must be wholly used for the business, satisfying the requirement. Section 33(1)(b) specifies the rate of rebate, allowing 35% for machinery installed before April 1, 1970, for manufacturing Fifth Schedule items. The Court affirmed that exclusive use for Fifth Schedule items was not necessary to claim the rebate, as long as the machinery was used for manufacturing any items listed in the Fifth Schedule. en-us Wed, 06 Aug 1997 00:00:00 +0530 Wed, 26 Nov 2008 00:00:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=5609 The Supreme Court upheld that machinery need not be exclusively used for Fifth Schedule items to qualify for development rebate under Section 33(1)(a). The Court emphasized that the machinery must be wholly used for the business, satisfying the requirement. Section 33(1)(b) specifies the rate of rebate, allowing 35% for machinery installed before April 1, 1970, for manufacturing Fifth Schedule items. The Court affirmed that exclusive use for Fifth Schedule items was not necessary to claim the rebate, as long as the machinery was used for manufacturing any items listed in the Fifth Schedule. Case-Laws Income Tax Wed, 06 Aug 1997 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=5609