https://www.taxtmi.com/caselaws?id=37984 Where rectification proceedings are treated as part of the assessment proceedings, an assessee may create the required development rebate reserve under section 34(3)(a) until those proceedings conclude. The absence of any prescribed statutory time limit for making the reserve entry supported that construction, and the Tribunal was correct in holding that the assessee remained entitled to make the reserve during the pendency of rectification proceedings. The legal point is that the reserve requirement can still be satisfied so long as the assessment process, including rectification, has not reached finality. en-us Tue, 25 Apr 1978 00:00:00 +0530 Fri, 02 Apr 2010 14:04:58 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=37984 Where rectification proceedings are treated as part of the assessment proceedings, an assessee may create the required development rebate reserve under section 34(3)(a) until those proceedings conclude. The absence of any prescribed statutory time limit for making the reserve entry supported that construction, and the Tribunal was correct in holding that the assessee remained entitled to make the reserve during the pendency of rectification proceedings. The legal point is that the reserve requirement can still be satisfied so long as the assessment process, including rectification, has not reached finality. Case-Laws Income Tax Tue, 25 Apr 1978 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=37984