https://www.taxtmi.com/caselaws?id=26562 The court ruled in favor of the assessee on both issues. It held that Data Processing Machines are eligible for development rebate and allowed the devaluation loss as a revenue loss for the assessment year 1967-68. The court emphasized that the loss was a trading loss incurred in the course of business activities and distinguished the case from previous decisions based on the specific facts and nature of the liabilities involved. The Revenue was ordered to pay the costs of the reference to the assessee. en-us Fri, 20 Sep 1985 00:00:00 +0530 Sat, 06 Feb 2010 10:38:14 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=26562 The court ruled in favor of the assessee on both issues. It held that Data Processing Machines are eligible for development rebate and allowed the devaluation loss as a revenue loss for the assessment year 1967-68. The court emphasized that the loss was a trading loss incurred in the course of business activities and distinguished the case from previous decisions based on the specific facts and nature of the liabilities involved. The Revenue was ordered to pay the costs of the reference to the assessee. Case-Laws Income Tax Fri, 20 Sep 1985 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=26562