Development rebate--Allowance where reserve created is in excess of the statutory percentage.

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....pany for the purposes of super profits tax, it was stated that a development rebate reserve which is either less than the statutory percentage [specified in section 10(2)(vib) of the Income-tax Act, 1922, and section 34(3) of the Income-tax Act, 1961] or, in excess of the prescribed percentage could not be said to have been created in compliance with the statutory provisions in the Income-tax Act,....