https://www.taxtmi.com/caselaws?id=27932 The High Court held that the assessee was entitled to carry forward the development rebate claimed for the assessment year 1966-67 to be adjusted against the profits of the assessment year 1967-68. The court emphasized that the creation of the reserve in the subsequent year sufficed, as statutory provisions did not mandate the reserve to be created in the year of installation in the absence of profits. The court ruled in favor of the assessee, with no order as to costs. en-us Fri, 06 Apr 1984 00:00:00 +0530 Wed, 17 Feb 2010 10:00:15 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=27932 The High Court held that the assessee was entitled to carry forward the development rebate claimed for the assessment year 1966-67 to be adjusted against the profits of the assessment year 1967-68. The court emphasized that the creation of the reserve in the subsequent year sufficed, as statutory provisions did not mandate the reserve to be created in the year of installation in the absence of profits. The court ruled in favor of the assessee, with no order as to costs. Case-Laws Income Tax Fri, 06 Apr 1984 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=27932