https://www.taxtmi.com/caselaws?id=6402 The Finance Act, 1959 was read as not expressly allowing carry forward of an unabsorbed reduction in rebate from an earlier assessment year. The computation mechanism in the second proviso was confined to the statutory scheme and to the immediately preceding year, so the reduction could not be extended by implication across years. Where the taxing language was capable of two reasonable interpretations, the construction favourable to the assessee was applied. On that basis, the revenue's broader carry-forward approach was rejected and the rebate reduction was not permitted to be carried forward. en-us Thu, 08 Feb 1973 00:00:00 +0530 Tue, 13 Jan 2026 22:43:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=6402 The Finance Act, 1959 was read as not expressly allowing carry forward of an unabsorbed reduction in rebate from an earlier assessment year. The computation mechanism in the second proviso was confined to the statutory scheme and to the immediately preceding year, so the reduction could not be extended by implication across years. Where the taxing language was capable of two reasonable interpretations, the construction favourable to the assessee was applied. On that basis, the revenue's broader carry-forward approach was rejected and the rebate reduction was not permitted to be carried forward. Case-Laws Income Tax Thu, 08 Feb 1973 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=6402