https://www.taxtmi.com/caselaws?id=8705 Development rebate under the Indian Income-tax Act, 1922 was available where an amount equal to 75% of the rebate was debited to the profit and loss account and credited to a business reserve, even if the reserve was created after the accounting year closed. Compliance remained valid where available profits existed, the accounts were amended by special resolution before assessment completion, and no statutory deadline applied. Expenditure incurred to amend a company's articles of association to conform with company law and enable lawful business operations was revenue expenditure, as it was wholly and exclusively incurred for business and created no enduring capital asset or advantage. en-us Mon, 13 Mar 1972 00:00:00 +0530 Wed, 03 Jun 2009 10:26:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=8705 Development rebate under the Indian Income-tax Act, 1922 was available where an amount equal to 75% of the rebate was debited to the profit and loss account and credited to a business reserve, even if the reserve was created after the accounting year closed. Compliance remained valid where available profits existed, the accounts were amended by special resolution before assessment completion, and no statutory deadline applied. Expenditure incurred to amend a company's articles of association to conform with company law and enable lawful business operations was revenue expenditure, as it was wholly and exclusively incurred for business and created no enduring capital asset or advantage. Case-Laws Income Tax Mon, 13 Mar 1972 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=8705