https://www.taxtmi.com/caselaws?id=39250 Development rebate under section 34(3) required the reserve to be debited to the profit and loss account before that account was finally made up and transferred to a separate reserve account at that stage. A reserve created only after the profits had been ascertained and distributed, through later adjustment entries to partners' capital accounts, did not satisfy the statutory condition precedent. The assessee therefore failed to qualify for development rebate, and the referred question was answered against the assessee and in favour of the Revenue. en-us Thu, 18 Mar 1976 00:00:00 +0530 Wed, 14 Apr 2010 10:53:52 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=39250 Development rebate under section 34(3) required the reserve to be debited to the profit and loss account before that account was finally made up and transferred to a separate reserve account at that stage. A reserve created only after the profits had been ascertained and distributed, through later adjustment entries to partners' capital accounts, did not satisfy the statutory condition precedent. The assessee therefore failed to qualify for development rebate, and the referred question was answered against the assessee and in favour of the Revenue. Case-Laws Income Tax Thu, 18 Mar 1976 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=39250