https://www.taxtmi.com/caselaws?id=24283 Where an assessee has a loss in the relevant year, development rebate need not be supported by a statutory reserve in that year because no rebate is actually allowable when total income remains negative. The rebate may still be determined and carried forward for set-off in a later year when profits arise and the required reserve is created. On that basis, denial of the carried-forward benefit solely for want of reserve creation in the loss year is unsustainable. en-us Wed, 22 Feb 1989 00:00:00 +0530 Tue, 19 Jan 2010 10:30:05 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=24283 Where an assessee has a loss in the relevant year, development rebate need not be supported by a statutory reserve in that year because no rebate is actually allowable when total income remains negative. The rebate may still be determined and carried forward for set-off in a later year when profits arise and the required reserve is created. On that basis, denial of the carried-forward benefit solely for want of reserve creation in the loss year is unsustainable. Case-Laws Income Tax Wed, 22 Feb 1989 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=24283