https://www.taxtmi.com/caselaws?id=38812 The High Court of Madras ruled in favor of the assessee, a private limited company, allowing the inclusion of the increased cost of machinery due to currency devaluation for claiming development rebate under section 33. The court held that the actual cost as defined in section 43(1) should encompass the increased cost, rejecting the department's argument based on section 43A(2). Consequently, the court affirmed that the assessee was entitled to development rebate on the heightened price of imported machinery resulting from fluctuation in the exchange rate for the assessment year 1967-68. en-us Mon, 14 Mar 1977 00:00:00 +0530 Fri, 09 Apr 2010 11:49:48 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=38812 The High Court of Madras ruled in favor of the assessee, a private limited company, allowing the inclusion of the increased cost of machinery due to currency devaluation for claiming development rebate under section 33. The court held that the actual cost as defined in section 43(1) should encompass the increased cost, rejecting the department's argument based on section 43A(2). Consequently, the court affirmed that the assessee was entitled to development rebate on the heightened price of imported machinery resulting from fluctuation in the exchange rate for the assessment year 1967-68. Case-Laws Income Tax Mon, 14 Mar 1977 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=38812