https://www.taxtmi.com/caselaws?id=36499 The Tribunal upheld the Appellate Authority Commission's decision to reduce the development rebate claim for machinery installed in the previous year, emphasizing the need for a reserve creation when profits were available. Regarding relief under section 80J, despite a Supreme Court decision suggesting otherwise, the Tribunal's factual finding allowed the assessee to claim relief before the appellate authority. The High Court relied on Circular No. 189 to support the assessee's entitlement to the development rebate without requiring a statutory reserve in a loss-making year. The judgment clarified legal obligations and favored the assessee based on factual findings and legal provisions. en-us Fri, 24 Feb 1978 00:00:00 +0530 Mon, 22 Mar 2010 17:02:46 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=36499 The Tribunal upheld the Appellate Authority Commission's decision to reduce the development rebate claim for machinery installed in the previous year, emphasizing the need for a reserve creation when profits were available. Regarding relief under section 80J, despite a Supreme Court decision suggesting otherwise, the Tribunal's factual finding allowed the assessee to claim relief before the appellate authority. The High Court relied on Circular No. 189 to support the assessee's entitlement to the development rebate without requiring a statutory reserve in a loss-making year. The judgment clarified legal obligations and favored the assessee based on factual findings and legal provisions. Case-Laws Income Tax Fri, 24 Feb 1978 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=36499