https://www.taxtmi.com/caselaws?id=28822 The court ruled in favor of the assessee, allowing a higher development rebate rate of 35% under section 33(1)(b)(B)(i) for the assessment years 1970-71 and 1971-72. The court considered the machinery used by the assessee for polishing rough castings as manufacturing components of internal combustion engines, falling under the Fifth Schedule criteria. The Tribunal's decision that these components were essential for internal combustion engines was upheld, leading to the assessee being granted the higher rebate rate based on the interpretation of the relevant items in the Fifth Schedule. en-us Mon, 22 Jan 1979 00:00:00 +0530 Fri, 26 Feb 2010 11:34:31 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=28822 The court ruled in favor of the assessee, allowing a higher development rebate rate of 35% under section 33(1)(b)(B)(i) for the assessment years 1970-71 and 1971-72. The court considered the machinery used by the assessee for polishing rough castings as manufacturing components of internal combustion engines, falling under the Fifth Schedule criteria. The Tribunal's decision that these components were essential for internal combustion engines was upheld, leading to the assessee being granted the higher rebate rate based on the interpretation of the relevant items in the Fifth Schedule. Case-Laws Income Tax Mon, 22 Jan 1979 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=28822