https://www.taxtmi.com/caselaws?id=38780 The Court held that the assessee was not entitled to the development rebate for the assessment year 1963-64 as they failed to create the necessary reserve in the previous assessment year, as mandated by section 34(3)(a) of the Income-tax Act, 1961. The Tribunal's decision in favor of the assessee was overturned, emphasizing the importance of compliance with statutory reserve requirements for claiming development rebates on new machinery or plant. The judgment was against the assessee, with both judges concurring in the decision. en-us Tue, 22 Jun 1976 00:00:00 +0530 Fri, 09 Apr 2010 10:32:34 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=38780 The Court held that the assessee was not entitled to the development rebate for the assessment year 1963-64 as they failed to create the necessary reserve in the previous assessment year, as mandated by section 34(3)(a) of the Income-tax Act, 1961. The Tribunal's decision in favor of the assessee was overturned, emphasizing the importance of compliance with statutory reserve requirements for claiming development rebates on new machinery or plant. The judgment was against the assessee, with both judges concurring in the decision. Case-Laws Income Tax Tue, 22 Jun 1976 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=38780