https://www.taxtmi.com/caselaws?id=60211 Unabsorbed development rebate under the Income-tax Act could be carried forward and set off against later-year income even after nationalisation of the coal mining business. The rebate is allowed against total income and, if not fully absorbed, continues to succeeding assessment years under section 33(2)(ii); its availability is not limited to the continued existence of the same business in which it first arose. Nationalisation of the colliery did not extinguish the assessee's existence, and section 7(1) of the Coal Mines (Nationalisation) Act, 1973 preserved liability for pre-nationalisation obligations. The carried-forward rebate was therefore available for set-off. en-us Thu, 09 May 1985 00:00:00 +0530 Tue, 04 Jan 2011 12:39:04 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=60211 Unabsorbed development rebate under the Income-tax Act could be carried forward and set off against later-year income even after nationalisation of the coal mining business. The rebate is allowed against total income and, if not fully absorbed, continues to succeeding assessment years under section 33(2)(ii); its availability is not limited to the continued existence of the same business in which it first arose. Nationalisation of the colliery did not extinguish the assessee's existence, and section 7(1) of the Coal Mines (Nationalisation) Act, 1973 preserved liability for pre-nationalisation obligations. The carried-forward rebate was therefore available for set-off. Case-Laws Income Tax Thu, 09 May 1985 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=60211