https://www.taxtmi.com/caselaws?id=20924 The High Court affirmed the Tribunal's decision, allowing the assessee to carry forward development rebate for set off in subsequent profitable years, provided the necessary reserve is created within the specified period. The court ruled in favor of the assessee, stating that the rebate could be carried forward even if the reserve was not created in the loss years. The decision aligned with the amended provisions of section 34(3)(a) post the Finance Act, 1990, which removed the mandatory requirement to create the reserve in loss years. en-us Tue, 20 Oct 1992 00:00:00 +0530 Wed, 18 Nov 2009 11:13:18 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=20924 The High Court affirmed the Tribunal's decision, allowing the assessee to carry forward development rebate for set off in subsequent profitable years, provided the necessary reserve is created within the specified period. The court ruled in favor of the assessee, stating that the rebate could be carried forward even if the reserve was not created in the loss years. The decision aligned with the amended provisions of section 34(3)(a) post the Finance Act, 1990, which removed the mandatory requirement to create the reserve in loss years. Case-Laws Income Tax Tue, 20 Oct 1992 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=20924