https://www.taxtmi.com/caselaws?id=27541 The Income-tax Appellate Tribunal allowed the carry forward of the unabsorbed development rebate by interpreting "total income" in Section 33(2) to exclude capital gains. However, the High Court disagreed, holding that "total income" must encompass income from all sources, including capital gains. The Court emphasized that the development rebate should be set off against total income, including capital gains, before any carry forward is permitted. Therefore, the Court ruled in favor of the Revenue, requiring the assessee to pay the costs of the reference. en-us Fri, 21 Sep 1984 00:00:00 +0530 Sat, 13 Feb 2010 14:16:14 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=27541 The Income-tax Appellate Tribunal allowed the carry forward of the unabsorbed development rebate by interpreting "total income" in Section 33(2) to exclude capital gains. However, the High Court disagreed, holding that "total income" must encompass income from all sources, including capital gains. The Court emphasized that the development rebate should be set off against total income, including capital gains, before any carry forward is permitted. Therefore, the Court ruled in favor of the Revenue, requiring the assessee to pay the costs of the reference. Case-Laws Income Tax Fri, 21 Sep 1984 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=27541