https://www.taxtmi.com/caselaws?id=26840 Where the assessed income for the relevant year was nil, the assessee was not required to create a development rebate reserve as a condition for claiming development rebate. Applying binding precedent, the Court held that the rebate was allowable despite the absence of such a reserve in that year, and the consequential claim to carry it forward to the following year also succeeded. The operative principle was that nil assessed income removes the reserve-creation condition otherwise linked to the allowance of development rebate. en-us Mon, 04 Mar 1985 00:00:00 +0530 Mon, 08 Feb 2010 18:10:01 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=26840 Where the assessed income for the relevant year was nil, the assessee was not required to create a development rebate reserve as a condition for claiming development rebate. Applying binding precedent, the Court held that the rebate was allowable despite the absence of such a reserve in that year, and the consequential claim to carry it forward to the following year also succeeded. The operative principle was that nil assessed income removes the reserve-creation condition otherwise linked to the allowance of development rebate. Case-Laws Income Tax Mon, 04 Mar 1985 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=26840