Allowance of development rebate in view of decision of S.C. in Subhlaxmi's case.

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....ery important judgement on the point of allowance of development rebate and the creation of reserve necessary therefor. The Supreme Court has held that in order to claim the deduction on account of development rebate u/s.33(1) it is obligatory that the debit entry in the profit and loss account and the credit entry in a reserve account should be made in the relevant previous year in which the mach....