https://www.taxtmi.com/caselaws?id=19463 The High Court held that the unabsorbed development rebate of the amalgamating company could not be set off against the profits of the amalgamated company for the same assessment year, as it could only be carried forward to the following assessment year. The Court also ruled in favor of the amalgamated company, allowing it to claim relief under section 80J for the balance period of five years for ships acquired by the amalgamating company. The case was disposed of with the first issue decided in favor of the Revenue and the second issue in favor of the assessee, with no order as to costs. en-us Tue, 22 Nov 1994 00:00:00 +0530 Fri, 06 Nov 2009 13:21:19 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=19463 The High Court held that the unabsorbed development rebate of the amalgamating company could not be set off against the profits of the amalgamated company for the same assessment year, as it could only be carried forward to the following assessment year. The Court also ruled in favor of the amalgamated company, allowing it to claim relief under section 80J for the balance period of five years for ships acquired by the amalgamating company. The case was disposed of with the first issue decided in favor of the Revenue and the second issue in favor of the assessee, with no order as to costs. Case-Laws Income Tax Tue, 22 Nov 1994 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=19463