https://www.taxtmi.com/caselaws?id=29273 The High Court of Madras ruled in favor of East India Industries (Madras) Private Limited in an income tax assessment case for the year 1970-71. The court held that urban land tax paid during the relevant year should be deductible in computing income from property, regardless of the year it related to. The court also upheld the assessee's entitlement to a higher development rebate under section 80-I of the Income-tax Act, 1961, for manufacturing waterproof paper, aligning with the relevant schedule entries. However, the court deferred a decision on creating a development rebate reserve, directing the Tribunal to reexamine the matter comprehensively. en-us Tue, 23 Mar 1982 00:00:00 +0530 Thu, 11 Mar 2010 18:16:42 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=29273 The High Court of Madras ruled in favor of East India Industries (Madras) Private Limited in an income tax assessment case for the year 1970-71. The court held that urban land tax paid during the relevant year should be deductible in computing income from property, regardless of the year it related to. The court also upheld the assessee's entitlement to a higher development rebate under section 80-I of the Income-tax Act, 1961, for manufacturing waterproof paper, aligning with the relevant schedule entries. However, the court deferred a decision on creating a development rebate reserve, directing the Tribunal to reexamine the matter comprehensively. Case-Laws Income Tax Tue, 23 Mar 1982 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=29273