https://www.taxtmi.com/caselaws?id=60050 Unabsorbed development rebate carried forward under section 33(2) was held deductible against the assessee's total income in a later year, even after nationalisation of the coal mining business. The availability of the rebate was not confined to profits of the original business or made dependent on continuation of the same business, unless the Act expressly imposed that condition. Section 7(1) of the Coal Mines (Nationalisation) Act, 1973 was noted as preserving liabilities relating to the pre-nationalisation period, and the assessee's continuing existence with other income supported set-off. The restriction in section 34 did not justify denial of the carried-forward rebate. en-us Thu, 09 May 1985 00:00:00 +0530 Mon, 03 Jan 2011 15:11:11 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=60050 Unabsorbed development rebate carried forward under section 33(2) was held deductible against the assessee's total income in a later year, even after nationalisation of the coal mining business. The availability of the rebate was not confined to profits of the original business or made dependent on continuation of the same business, unless the Act expressly imposed that condition. Section 7(1) of the Coal Mines (Nationalisation) Act, 1973 was noted as preserving liabilities relating to the pre-nationalisation period, and the assessee's continuing existence with other income supported set-off. The restriction in section 34 did not justify denial of the carried-forward rebate. Case-Laws Income Tax Thu, 09 May 1985 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=60050