https://www.taxtmi.com/caselaws?id=37576 The relevant Finance Acts did not permit carry forward of an unabsorbed reduction of rebate from an earlier year beyond the immediately preceding year contemplated by the statute. Applying the Supreme Court's construction of the proviso to Paragraph D of Part II of Schedule I to the Finance Act, 1959, the Court held that the revenue could not withdraw rebate for the assessment year 1959-60 by setting off the earlier shortfall. The question was answered in favour of the assessee, and the rebate reduction was held impermissible on the facts found. en-us Tue, 09 Jan 1979 00:00:00 +0530 Tue, 30 Mar 2010 16:32:29 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=37576 The relevant Finance Acts did not permit carry forward of an unabsorbed reduction of rebate from an earlier year beyond the immediately preceding year contemplated by the statute. Applying the Supreme Court's construction of the proviso to Paragraph D of Part II of Schedule I to the Finance Act, 1959, the Court held that the revenue could not withdraw rebate for the assessment year 1959-60 by setting off the earlier shortfall. The question was answered in favour of the assessee, and the rebate reduction was held impermissible on the facts found. Case-Laws Income Tax Tue, 09 Jan 1979 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=37576