https://www.taxtmi.com/caselaws?id=25315 The High Court upheld the Tribunal's decision, allowing the deduction of unabsorbed development rebate and depreciation for the subsequent year of the registered firm under section 77 of the Income-tax Act. The court emphasized that the registration of the firm did not alter its entity for assessment purposes, following the Supreme Court precedent. The Revenue's argument for a fresh interpretation of the law was rejected as there was no change post the Supreme Court decision. The judgment favored the assessee, affirming the allowance of the deductions based on existing legal provisions and authoritative rulings. en-us Fri, 24 Jul 1987 00:00:00 +0530 Wed, 27 Jan 2010 18:22:35 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=25315 The High Court upheld the Tribunal's decision, allowing the deduction of unabsorbed development rebate and depreciation for the subsequent year of the registered firm under section 77 of the Income-tax Act. The court emphasized that the registration of the firm did not alter its entity for assessment purposes, following the Supreme Court precedent. The Revenue's argument for a fresh interpretation of the law was rejected as there was no change post the Supreme Court decision. The judgment favored the assessee, affirming the allowance of the deductions based on existing legal provisions and authoritative rulings. Case-Laws Income Tax Fri, 24 Jul 1987 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=25315