https://www.taxtmi.com/caselaws?id=39677 The court ruled against the assessee, stating that the reserve must be created in the year of installation to claim development rebate, and failure to do so would result in the rebate not being carried forward. The court emphasized that the creation of the reserve was a prerequisite for obtaining the allowance of development rebate. Additionally, the court highlighted the legislative intent for a uniform period for carry forward and utilization of the reserve, rejecting the argument that the reserve could be created in subsequent years. The court granted a certificate for appeal to the Supreme Court due to conflicting decisions on this matter. en-us Thu, 03 Oct 1974 00:00:00 +0530 Mon, 19 Apr 2010 16:18:51 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=39677 The court ruled against the assessee, stating that the reserve must be created in the year of installation to claim development rebate, and failure to do so would result in the rebate not being carried forward. The court emphasized that the creation of the reserve was a prerequisite for obtaining the allowance of development rebate. Additionally, the court highlighted the legislative intent for a uniform period for carry forward and utilization of the reserve, rejecting the argument that the reserve could be created in subsequent years. The court granted a certificate for appeal to the Supreme Court due to conflicting decisions on this matter. Case-Laws Income Tax Thu, 03 Oct 1974 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=39677