https://www.taxtmi.com/caselaws?id=16935 The High Court upheld the Tribunal's decision that the assessee was not obligated to create a development rebate reserve during a year without profits, in alignment with relevant Income-tax Act provisions and CBDT Circular No. 189. The retrospective amendment by the Finance Act, 1990, allowed reserve creation in profitable years, diverging from the Supreme Court's earlier stance in Shri Shubhlaxmi Mills Ltd. v. Addl. CIT. The High Court's ruling favored the assessee, following the Tribunal's interpretation and citing precedent in CIT v. Raza Buland Sugar Co. Ltd., concluding against the Department. en-us Wed, 30 Jul 1997 00:00:00 +0530 Mon, 14 Sep 2009 11:44:30 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=16935 The High Court upheld the Tribunal's decision that the assessee was not obligated to create a development rebate reserve during a year without profits, in alignment with relevant Income-tax Act provisions and CBDT Circular No. 189. The retrospective amendment by the Finance Act, 1990, allowed reserve creation in profitable years, diverging from the Supreme Court's earlier stance in Shri Shubhlaxmi Mills Ltd. v. Addl. CIT. The High Court's ruling favored the assessee, following the Tribunal's interpretation and citing precedent in CIT v. Raza Buland Sugar Co. Ltd., concluding against the Department. Case-Laws Income Tax Wed, 30 Jul 1997 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=16935