https://www.taxtmi.com/caselaws?id=8794 The court held that the creation of the reserve fund at the time of making up the profit and loss account is essential for claiming the development rebate allowance under section 10(2)(vib) of the Income-tax Act, 1961. Compliance with statutory conditions before claiming the rebate is crucial, and the reserve creation is a prerequisite. The court ruled against the assessee, emphasizing the timely creation of the reserve fund as mandated by law. The decision was based on the need for strict fulfillment of conditions, with costs awarded to the opposing party. en-us Wed, 19 Jul 1972 00:00:00 +0530 Thu, 04 Jun 2009 17:30:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=8794 The court held that the creation of the reserve fund at the time of making up the profit and loss account is essential for claiming the development rebate allowance under section 10(2)(vib) of the Income-tax Act, 1961. Compliance with statutory conditions before claiming the rebate is crucial, and the reserve creation is a prerequisite. The court ruled against the assessee, emphasizing the timely creation of the reserve fund as mandated by law. The decision was based on the need for strict fulfillment of conditions, with costs awarded to the opposing party. Case-Laws Income Tax Wed, 19 Jul 1972 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=8794