https://www.taxtmi.com/caselaws?id=39371 The court upheld the Appellate Tribunal's decision to allow the development rebate to be carried forward for future adjustment, even without creating a reserve as mandated by section 34(3)(a) of the Income-tax Act. Judges R. N. Misra and K. B. Panda concurred that the development rebate should be computed and carried forward in compliance with the statutory provisions, emphasizing the legislative framework governing eligibility and carry-forward provisions. The court dismissed the revenue's application, affirming the Tribunal's interpretation and application of the Income-tax Act. en-us Wed, 29 Oct 1975 00:00:00 +0530 Fri, 16 Apr 2010 10:39:52 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=39371 The court upheld the Appellate Tribunal's decision to allow the development rebate to be carried forward for future adjustment, even without creating a reserve as mandated by section 34(3)(a) of the Income-tax Act. Judges R. N. Misra and K. B. Panda concurred that the development rebate should be computed and carried forward in compliance with the statutory provisions, emphasizing the legislative framework governing eligibility and carry-forward provisions. The court dismissed the revenue's application, affirming the Tribunal's interpretation and application of the Income-tax Act. Case-Laws Income Tax Wed, 29 Oct 1975 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=39371