https://www.taxtmi.com/caselaws?id=27391 Development rebate under the statutory scheme could not be rejected merely because no reserve had been created in the loss year. The court held that the claim had to be examined on merits, including whether the reserve could be created within the permissible period and whether the rebate could then be allowed or carried forward in accordance with the Act. The absence of a reserve at the initial stage was not by itself fatal where the statutory conditions might still be satisfied later. The reference was answered against the Revenue and the assessee's claim was directed to be reconsidered under the governing provisions. en-us Fri, 06 Apr 1984 00:00:00 +0530 Fri, 12 Feb 2010 15:06:47 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=27391 Development rebate under the statutory scheme could not be rejected merely because no reserve had been created in the loss year. The court held that the claim had to be examined on merits, including whether the reserve could be created within the permissible period and whether the rebate could then be allowed or carried forward in accordance with the Act. The absence of a reserve at the initial stage was not by itself fatal where the statutory conditions might still be satisfied later. The reference was answered against the Revenue and the assessee's claim was directed to be reconsidered under the governing provisions. Case-Laws Income Tax Fri, 06 Apr 1984 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=27391