https://www.taxtmi.com/caselaws?id=7570 The Tribunal upheld the disallowance of development rebate for the year ended March 31, 1958, due to the machinery installation date. For the year ended March 31, 1959, the Tribunal allowed carrying forward the entire development rebate to the following year upon creating a reserve. Compliance with statutory provisions for claiming development rebate and creating a reserve was emphasized. The judgment required reassessment and recomputation for subsequent years, directing the carryforward of unabsorbed development rebate balances. The decision was partially in favor of the assessee, upholding disallowance for one year and allowing carryforward for the next year with reserve creation. en-us Thu, 30 Jan 1969 00:00:00 +0530 Mon, 02 Mar 2009 13:32:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=7570 The Tribunal upheld the disallowance of development rebate for the year ended March 31, 1958, due to the machinery installation date. For the year ended March 31, 1959, the Tribunal allowed carrying forward the entire development rebate to the following year upon creating a reserve. Compliance with statutory provisions for claiming development rebate and creating a reserve was emphasized. The judgment required reassessment and recomputation for subsequent years, directing the carryforward of unabsorbed development rebate balances. The decision was partially in favor of the assessee, upholding disallowance for one year and allowing carryforward for the next year with reserve creation. Case-Laws Income Tax Thu, 30 Jan 1969 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=7570