https://www.taxtmi.com/caselaws?id=25010 The court upheld the Tribunal's decision in a case involving the interpretation and recomputation of development rebate rates for priority industries. It emphasized the mandatory nature of allowing development rebate at appropriate rates for such industries and held that the assessing officer could recompute the rebate even after the rectification period had expired, as long as part of it remained unadjusted. The court rejected the Revenue's argument, stating that the rebate could be set off only against available income and carried forward if unabsorbed, ultimately ruling in favor of the assessee on both issues. en-us Mon, 14 Mar 1988 00:00:00 +0530 Sat, 23 Jan 2010 17:30:53 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=25010 The court upheld the Tribunal's decision in a case involving the interpretation and recomputation of development rebate rates for priority industries. It emphasized the mandatory nature of allowing development rebate at appropriate rates for such industries and held that the assessing officer could recompute the rebate even after the rectification period had expired, as long as part of it remained unadjusted. The court rejected the Revenue's argument, stating that the rebate could be set off only against available income and carried forward if unabsorbed, ultimately ruling in favor of the assessee on both issues. Case-Laws Income Tax Mon, 14 Mar 1988 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=25010