https://www.taxtmi.com/caselaws?id=36561 The High Court of Kerala ruled in favor of the assessee, confirming their entitlement to claim development rebate at a rate of 35% under section 33(1)(b)(B) of the Income-tax Act, 1961. The court upheld the Tribunal's decision, emphasizing that the machinery installed for processing frozen fish and fish products was being used for business purposes, as indicated by the treatment of income by the tax authorities. The court dismissed the revenue's argument that leasing out the plant negated eligibility for the rebate, noting the revenue department's failure to challenge the rebate grant. en-us Tue, 26 Feb 1980 00:00:00 +0530 Tue, 23 Mar 2010 11:53:02 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=36561 The High Court of Kerala ruled in favor of the assessee, confirming their entitlement to claim development rebate at a rate of 35% under section 33(1)(b)(B) of the Income-tax Act, 1961. The court upheld the Tribunal's decision, emphasizing that the machinery installed for processing frozen fish and fish products was being used for business purposes, as indicated by the treatment of income by the tax authorities. The court dismissed the revenue's argument that leasing out the plant negated eligibility for the rebate, noting the revenue department's failure to challenge the rebate grant. Case-Laws Income Tax Tue, 26 Feb 1980 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=36561