https://www.taxtmi.com/caselaws?id=8466 The proviso requiring creation of a development rebate reserve under section 10(2)(vib) of the Indian Income-tax Act, 1922 was construed as demanding that the reserve be created, but not as imposing any implied deadline before the close of the accounting year or before preparation of the profit and loss account. The reserve entries could validly be made after year-end, provided they were made before assessment was completed. The reasoning also drew support from the assessee's ability to revise a return before assessment, indicating that corresponding accounting entries could likewise be corrected until assessment. The question was answered in favour of the assessee and against the department. en-us Wed, 21 Oct 1970 00:00:00 +0530 Sun, 26 Apr 2009 22:15:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=8466 The proviso requiring creation of a development rebate reserve under section 10(2)(vib) of the Indian Income-tax Act, 1922 was construed as demanding that the reserve be created, but not as imposing any implied deadline before the close of the accounting year or before preparation of the profit and loss account. The reserve entries could validly be made after year-end, provided they were made before assessment was completed. The reasoning also drew support from the assessee's ability to revise a return before assessment, indicating that corresponding accounting entries could likewise be corrected until assessment. The question was answered in favour of the assessee and against the department. Case-Laws Income Tax Wed, 21 Oct 1970 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=8466