https://www.taxtmi.com/caselaws?id=7617 Assessment-year law governed liability to tax on income earned before 1 April 1960, so the removal of the earlier exemption applied to that year and the assessee was taxed on that income. Dead rent under the lease was treated as minimum royalty and therefore as revenue expenditure deductible in computing business profits. Development rebate was allowed because the statute required debit to profit and loss and credit to reserve, but fixed no express time limit for those entries; the reserve could be created before assessment was completed, and the rebate remained available if the conditions were satisfied by then. The reference thus produced a mixed result, with one issue decided for Revenue and the others for the assessee. en-us Tue, 06 May 1969 00:00:00 +0530 Thu, 05 Mar 2009 15:51:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=7617 Assessment-year law governed liability to tax on income earned before 1 April 1960, so the removal of the earlier exemption applied to that year and the assessee was taxed on that income. Dead rent under the lease was treated as minimum royalty and therefore as revenue expenditure deductible in computing business profits. Development rebate was allowed because the statute required debit to profit and loss and credit to reserve, but fixed no express time limit for those entries; the reserve could be created before assessment was completed, and the rebate remained available if the conditions were satisfied by then. The reference thus produced a mixed result, with one issue decided for Revenue and the others for the assessee. Case-Laws Income Tax Tue, 06 May 1969 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=7617