https://www.taxtmi.com/caselaws?id=8589 Proviso (b) to section 10(2)(vib) of the Indian Income-tax Act, 1922 links the prescribed development rebate reserve to the rebate actually allowed in a particular assessment year. The provision was construed as not requiring an assessee to create the reserve in the year of installation where there was no taxable income and, therefore, no rebate could be allowed in that year. The scheme permits the rebate to operate across assessment years depending on assessable income, and the reserve obligation does not extend to unabsorbed rebate carried forward. The question was answered in the negative, in favour of the assessee. en-us Mon, 09 Aug 1971 00:00:00 +0530 Tue, 23 Oct 2018 14:55:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=8589 Proviso (b) to section 10(2)(vib) of the Indian Income-tax Act, 1922 links the prescribed development rebate reserve to the rebate actually allowed in a particular assessment year. The provision was construed as not requiring an assessee to create the reserve in the year of installation where there was no taxable income and, therefore, no rebate could be allowed in that year. The scheme permits the rebate to operate across assessment years depending on assessable income, and the reserve obligation does not extend to unabsorbed rebate carried forward. The question was answered in the negative, in favour of the assessee. Case-Laws Income Tax Mon, 09 Aug 1971 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=8589