https://www.taxtmi.com/caselaws?id=25625 The High Court held that the assessee was not entitled to set off the unabsorbed development rebate against the income of the current assessment year. The court determined that as per section 72(2) of the Income-tax Act, unadjusted depreciation takes precedence over the unabsorbed development rebate for set off. Despite arguments regarding the intent of the Act and potential unjust outcomes, the court emphasized the clear legislative provision prioritizing unabsorbed depreciation. The judgment favored the Department, ruling against the assessee, with no costs awarded. Judges S. C. Mohapatra and R. C. Patnaik concurred with this decision. en-us Tue, 24 Mar 1987 00:00:00 +0530 Fri, 29 Jan 2010 17:40:33 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=25625 The High Court held that the assessee was not entitled to set off the unabsorbed development rebate against the income of the current assessment year. The court determined that as per section 72(2) of the Income-tax Act, unadjusted depreciation takes precedence over the unabsorbed development rebate for set off. Despite arguments regarding the intent of the Act and potential unjust outcomes, the court emphasized the clear legislative provision prioritizing unabsorbed depreciation. The judgment favored the Department, ruling against the assessee, with no costs awarded. Judges S. C. Mohapatra and R. C. Patnaik concurred with this decision. Case-Laws Income Tax Tue, 24 Mar 1987 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=25625