https://www.taxtmi.com/caselaws?id=25411 The High Court held that there was no business income to set off the unabsorbed development rebate against until the assessment year 1974-75, thus ruling in favor of the Revenue against the assessee. The court found that the Income-tax Officer correctly determined that there was no profit from the new industrial undertaking to be adjusted under section 80J of the Income-tax Act, 1961. The court directed each party to bear their respective costs and ordered the judgment to be forwarded to the Income-tax Appellate Tribunal, Cochin Bench. en-us Thu, 12 Mar 1987 00:00:00 +0530 Thu, 28 Jan 2010 13:56:13 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=25411 The High Court held that there was no business income to set off the unabsorbed development rebate against until the assessment year 1974-75, thus ruling in favor of the Revenue against the assessee. The court found that the Income-tax Officer correctly determined that there was no profit from the new industrial undertaking to be adjusted under section 80J of the Income-tax Act, 1961. The court directed each party to bear their respective costs and ordered the judgment to be forwarded to the Income-tax Appellate Tribunal, Cochin Bench. Case-Laws Income Tax Thu, 12 Mar 1987 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=25411