https://www.taxtmi.com/caselaws?id=39238 The court ruled in favor of the petitioner-company, finding that the Income-tax Officer lacked jurisdiction to amend the assessment order for the assessment year 1964-65. The court determined that the conditions for invoking section 155(5) were not satisfied, as the development rebate reserve was not utilized for prohibited purposes within the specified period. Additionally, the merger of the development rebate reserve with the general reserve occurred after the eight-year period expired and did not violate section 34(3)(a). Consequently, the impugned order was declared invalid and unenforceable. en-us Thu, 26 Feb 1976 00:00:00 +0530 Wed, 14 Apr 2010 10:22:56 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=39238 The court ruled in favor of the petitioner-company, finding that the Income-tax Officer lacked jurisdiction to amend the assessment order for the assessment year 1964-65. The court determined that the conditions for invoking section 155(5) were not satisfied, as the development rebate reserve was not utilized for prohibited purposes within the specified period. Additionally, the merger of the development rebate reserve with the general reserve occurred after the eight-year period expired and did not violate section 34(3)(a). Consequently, the impugned order was declared invalid and unenforceable. Case-Laws Income Tax Thu, 26 Feb 1976 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=39238