https://www.taxtmi.com/caselaws?id=26986 The Tribunal decided that the claim of development rebate for the assessment year 1962-63 should be carried forward for consideration in the firm's assessment for 1963-64, not allocated to partners in 1962-63. Additionally, the Tribunal upheld the Income-tax Officer's cancellation orders under section 154 for the assessment years 1962-63 and 1963-64, stating that the rebate could not be allocated to partners until it became part of the firm's income. The Tribunal's decisions were in line with relevant legal provisions and case law, ensuring the development rebate was handled correctly and not prematurely allocated. en-us Thu, 08 Nov 1984 00:00:00 +0530 Wed, 10 Feb 2010 10:08:54 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=26986 The Tribunal decided that the claim of development rebate for the assessment year 1962-63 should be carried forward for consideration in the firm's assessment for 1963-64, not allocated to partners in 1962-63. Additionally, the Tribunal upheld the Income-tax Officer's cancellation orders under section 154 for the assessment years 1962-63 and 1963-64, stating that the rebate could not be allocated to partners until it became part of the firm's income. The Tribunal's decisions were in line with relevant legal provisions and case law, ensuring the development rebate was handled correctly and not prematurely allocated. Case-Laws Income Tax Thu, 08 Nov 1984 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=26986