https://www.taxtmi.com/caselaws?id=14341 The High Court held in favor of the assessee, ruling that entries for development rebate reserve made after March 31, 1976, would meet the requirements of section 34(3) of the Income-tax Act, 1961. The court emphasized that entries should be made before finalizing the accounts, referencing relevant precedents and a clarifying circular issued by the Central Board of Direct Taxes. The decision favored the assessee over the Revenue, affirming that the reserve claim was valid despite being made after the specified date. en-us Thu, 04 Jan 2001 00:00:00 +0530 Wed, 15 Jul 2009 12:56:22 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=14341 The High Court held in favor of the assessee, ruling that entries for development rebate reserve made after March 31, 1976, would meet the requirements of section 34(3) of the Income-tax Act, 1961. The court emphasized that entries should be made before finalizing the accounts, referencing relevant precedents and a clarifying circular issued by the Central Board of Direct Taxes. The decision favored the assessee over the Revenue, affirming that the reserve claim was valid despite being made after the specified date. Case-Laws Income Tax Thu, 04 Jan 2001 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=14341