https://www.taxtmi.com/caselaws?id=27943 The court ruled in favor of the assessee, holding that the development rebate could be carried forward and allowed in subsequent years until fully absorbed within eight years. It was determined that the creation of a reserve for development rebate was not required in the year of installation but could be done when there was sufficient income to absorb the rebate. Additionally, the court established the priority order for set-off as current year depreciation, carry forward business losses, unabsorbed depreciation, and unabsorbed development rebate along with the current year's development rebate. en-us Fri, 06 Apr 1984 00:00:00 +0530 Wed, 17 Feb 2010 10:21:49 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=27943 The court ruled in favor of the assessee, holding that the development rebate could be carried forward and allowed in subsequent years until fully absorbed within eight years. It was determined that the creation of a reserve for development rebate was not required in the year of installation but could be done when there was sufficient income to absorb the rebate. Additionally, the court established the priority order for set-off as current year depreciation, carry forward business losses, unabsorbed depreciation, and unabsorbed development rebate along with the current year's development rebate. Case-Laws Income Tax Fri, 06 Apr 1984 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=27943