https://www.taxtmi.com/caselaws?id=36167 The court determined that the unabsorbed development rebate should be considered after the allowance of carried forward business loss and depreciation. The Tribunal's decision to set off the development rebate first was deemed incorrect. The court held that business loss and depreciation should take priority over the development rebate, as there is no statutory provision giving precedence to the rebate. The revenue prevailed in the case, with costs awarded in their favor. en-us Thu, 06 Mar 1980 00:00:00 +0530 Fri, 19 Mar 2010 16:59:45 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=36167 The court determined that the unabsorbed development rebate should be considered after the allowance of carried forward business loss and depreciation. The Tribunal's decision to set off the development rebate first was deemed incorrect. The court held that business loss and depreciation should take priority over the development rebate, as there is no statutory provision giving precedence to the rebate. The revenue prevailed in the case, with costs awarded in their favor. Case-Laws Income Tax Thu, 06 Mar 1980 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=36167