https://www.taxtmi.com/caselaws?id=8428 Development rebate under Explanation 2 to section 10(2)(vib) of the Indian Income-tax Act, 1922 is available where seventy-five per cent of the rebate is debited to the profit and loss account and credited to a reserve account for use in the business during the prescribed period. The provision does not make maintenance or production of regular books of account a condition precedent. A genuine profit and loss account, together with evidence that the original books were lost in a fire, was treated as sufficient compliance. On that reasoning, absence of day books or other regular accounts did not defeat the rebate claim. en-us Tue, 01 Feb 1972 00:00:00 +0530 Wed, 15 Apr 2009 10:22:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=8428 Development rebate under Explanation 2 to section 10(2)(vib) of the Indian Income-tax Act, 1922 is available where seventy-five per cent of the rebate is debited to the profit and loss account and credited to a reserve account for use in the business during the prescribed period. The provision does not make maintenance or production of regular books of account a condition precedent. A genuine profit and loss account, together with evidence that the original books were lost in a fire, was treated as sufficient compliance. On that reasoning, absence of day books or other regular accounts did not defeat the rebate claim. Case-Laws Income Tax Tue, 01 Feb 1972 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=8428