https://www.taxtmi.com/caselaws?id=37928 The court affirmed that no upward adjustment due to devaluation should be made in computing the actual cost for development rebate under section 33. It held that the increased liability from devaluation cannot be added to the original cost when claiming development rebate, as section 43A(2) specifically excludes such adjustments. The court emphasized the legislative intent to exclude devaluation-related cost variations for development rebate, citing relevant precedents. Consequently, the Tribunal's decision was upheld, ruling in favor of the revenue and requiring the assessee to cover the revenue's costs and advocate's fee. en-us Mon, 13 Mar 1978 00:00:00 +0530 Fri, 02 Apr 2010 12:14:32 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=37928 The court affirmed that no upward adjustment due to devaluation should be made in computing the actual cost for development rebate under section 33. It held that the increased liability from devaluation cannot be added to the original cost when claiming development rebate, as section 43A(2) specifically excludes such adjustments. The court emphasized the legislative intent to exclude devaluation-related cost variations for development rebate, citing relevant precedents. Consequently, the Tribunal's decision was upheld, ruling in favor of the revenue and requiring the assessee to cover the revenue's costs and advocate's fee. Case-Laws Income Tax Mon, 13 Mar 1978 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=37928