https://www.taxtmi.com/caselaws?id=39739 Development rebate under section 33(1) is available only to the assessee that owns the new plant or machinery and uses it for its own business. A newly constituted partnership firm could not claim unabsorbed development rebate on machinery originally installed by another firm, because the two partnerships were treated as distinct assessable units and the later firm was not the same assessee that had installed the assets. The prior authorities cited were distinguished on the basis that they involved continuity of the same assessable entity or different factual settings. The claim was therefore not legally sustainable. en-us Wed, 11 Sep 1974 00:00:00 +0530 Tue, 20 Apr 2010 10:30:03 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=39739 Development rebate under section 33(1) is available only to the assessee that owns the new plant or machinery and uses it for its own business. A newly constituted partnership firm could not claim unabsorbed development rebate on machinery originally installed by another firm, because the two partnerships were treated as distinct assessable units and the later firm was not the same assessee that had installed the assets. The prior authorities cited were distinguished on the basis that they involved continuity of the same assessable entity or different factual settings. The claim was therefore not legally sustainable. Case-Laws Income Tax Wed, 11 Sep 1974 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=39739