https://www.taxtmi.com/caselaws?id=22257 The High Court ruled in favor of the Revenue, stating that the assessee failed to comply with the mandatory condition of creating a reserve fund for claiming development rebate. As a result, the assessee was not entitled to any development rebate or carry forward of unabsorbed development rebate. The Court emphasized the necessity of creating a reserve fund as per the Income-tax Act provisions to claim such deductions, highlighting the importance of adhering to statutory requirements for tax benefits. en-us Mon, 26 Jun 1989 00:00:00 +0530 Tue, 08 Dec 2009 14:18:11 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=22257 The High Court ruled in favor of the Revenue, stating that the assessee failed to comply with the mandatory condition of creating a reserve fund for claiming development rebate. As a result, the assessee was not entitled to any development rebate or carry forward of unabsorbed development rebate. The Court emphasized the necessity of creating a reserve fund as per the Income-tax Act provisions to claim such deductions, highlighting the importance of adhering to statutory requirements for tax benefits. Case-Laws Income Tax Mon, 26 Jun 1989 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=22257