https://www.taxtmi.com/caselaws?id=35809 The High Court of PUNJAB AND HARYANA ruled in favor of the assessee, affirming the Income-tax Appellate Tribunal's decision to allow the development rebate based on the actual cost claimed for machinery acquisition, despite devaluation effects. The Court held that changes in exchange rates should not impact the actual cost for development rebate calculations under s. 43A(2) of the I.T. Act, 1961. The judgment emphasized the assessee's entitlement to claim the rebate on the full actual cost of machinery, directing the Income-tax Officer to grant the rebate accordingly. en-us Tue, 30 Sep 1980 00:00:00 +0530 Tue, 16 Mar 2010 17:41:14 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=35809 The High Court of PUNJAB AND HARYANA ruled in favor of the assessee, affirming the Income-tax Appellate Tribunal's decision to allow the development rebate based on the actual cost claimed for machinery acquisition, despite devaluation effects. The Court held that changes in exchange rates should not impact the actual cost for development rebate calculations under s. 43A(2) of the I.T. Act, 1961. The judgment emphasized the assessee's entitlement to claim the rebate on the full actual cost of machinery, directing the Income-tax Officer to grant the rebate accordingly. Case-Laws Income Tax Tue, 30 Sep 1980 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=35809