Development allowance under sec. 33A-Creation of reserve- Instruction regarding

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....nvited to section 33A of the Income-tax Act, 1961, which provides for the grant of deduction by way of development allowance of a certain percentage of expenses incurred on planting of tea bushes on any land in India owned by an assessee who carries on the business of growing and manufacturing tea. Sub-section (3) of section 33A of the Income-tax Act stipulates certain conditions which must be ful....

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....me of a tea company is chargeable to tax, the actual allowance on account of development allowance is only 40% of the amount calculated on the basis of specified percentage of the cost of planting tea bushes. 3. A similar question had been examined with regard to the quantum of reserve to be created for claiming deduction on account of development rebate in the cases of a tea companies. Vide Boar....