https://www.taxtmi.com/caselaws?id=37090 The High Court ruled against the assessee, favoring the department in a case concerning the interpretation of requirements for claiming development rebate under section 33(4) of the Income Tax Act. The court found that the shareholders' transfer of shares after succession did not affect eligibility for the rebate, as long as the specified conditions were met. However, it was determined that the development rebate should have been allowed to the amalgamating company before being claimed by the amalgamated company, a requirement that had not been adequately examined by the Tribunal. The case was remanded for further consideration based on the court's findings. en-us Wed, 31 Oct 1979 00:00:00 +0530 Fri, 26 Mar 2010 12:50:05 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=37090 The High Court ruled against the assessee, favoring the department in a case concerning the interpretation of requirements for claiming development rebate under section 33(4) of the Income Tax Act. The court found that the shareholders' transfer of shares after succession did not affect eligibility for the rebate, as long as the specified conditions were met. However, it was determined that the development rebate should have been allowed to the amalgamating company before being claimed by the amalgamated company, a requirement that had not been adequately examined by the Tribunal. The case was remanded for further consideration based on the court's findings. Case-Laws Income Tax Wed, 31 Oct 1979 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=37090