https://www.taxtmi.com/caselaws?id=7144 The proviso to section 10(2)(vib) of the Indian Income-tax Act, 1922 required a debit of 75% of the development rebate to the profit and loss account and a credit to a reserve account, but it did not expressly require those entries to be made before the accounting year closed. As the reserve could be created when the profit and loss account was drawn up and the assessee made the entries before the assessment was finalised, the statutory condition was treated as satisfied and development rebate was allowable. en-us Tue, 25 Apr 1967 00:00:00 +0530 Wed, 11 Feb 2009 17:58:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=7144 The proviso to section 10(2)(vib) of the Indian Income-tax Act, 1922 required a debit of 75% of the development rebate to the profit and loss account and a credit to a reserve account, but it did not expressly require those entries to be made before the accounting year closed. As the reserve could be created when the profit and loss account was drawn up and the assessee made the entries before the assessment was finalised, the statutory condition was treated as satisfied and development rebate was allowable. Case-Laws Income Tax Tue, 25 Apr 1967 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=7144