https://www.taxtmi.com/caselaws?id=189977 The High Court ruled against the assessee in a case concerning entitlement to development rebate under section 10(2)(vib) of the Income-tax Act. The Court held that compliance with the conditions of the proviso to section 10(2)(vib) was essential for claiming the rebate, emphasizing the requirement to set aside a reserve fund at the time of closing accounts. The Court rejected the idea of granting allowance at a later stage, emphasizing the importance of adhering to statutory provisions without deviation. Consequently, the Court denied the assessee's claim for the development rebate, emphasizing strict compliance with statutory conditions. en-us Fri, 03 Jan 1964 00:00:00 +0530 Sat, 28 Jan 2017 12:27:52 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=189977 The High Court ruled against the assessee in a case concerning entitlement to development rebate under section 10(2)(vib) of the Income-tax Act. The Court held that compliance with the conditions of the proviso to section 10(2)(vib) was essential for claiming the rebate, emphasizing the requirement to set aside a reserve fund at the time of closing accounts. The Court rejected the idea of granting allowance at a later stage, emphasizing the importance of adhering to statutory provisions without deviation. Consequently, the Court denied the assessee's claim for the development rebate, emphasizing strict compliance with statutory conditions. Case-Laws Income Tax Fri, 03 Jan 1964 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=189977