https://www.taxtmi.com/caselaws?id=37087 The High Court ruled in favor of the assessee, allowing the development rebate to be calculated and utilized in subsequent profitable years despite the inability to create a development reserve due to losses in the initial assessment years. The Court emphasized the importance of creating the reserve for the allowance of the rebate but clarified that the rebate should be based on available profits without the need for artificial creation of reserves. This decision aligned with Supreme Court precedents and legislative intent to incentivize industrial expansion through the development rebate provision. en-us Mon, 31 Jul 1978 00:00:00 +0530 Fri, 26 Mar 2010 12:44:39 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=37087 The High Court ruled in favor of the assessee, allowing the development rebate to be calculated and utilized in subsequent profitable years despite the inability to create a development reserve due to losses in the initial assessment years. The Court emphasized the importance of creating the reserve for the allowance of the rebate but clarified that the rebate should be based on available profits without the need for artificial creation of reserves. This decision aligned with Supreme Court precedents and legislative intent to incentivize industrial expansion through the development rebate provision. Case-Laws Income Tax Mon, 31 Jul 1978 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=37087