1998 (2) TMI 48

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.....---In this tax cases the question that falls for consideration is reflected as below : "Whether, on the facts and in the circumstances of the case and having regard to the provisions of section 43A(2) of the Income-tax Act, 1961, the Appellate Tribunal was correct in holding that the assessee is entitled to development rebate under section 33 of the Income-tax Act, 1961, on the increased cost ....

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.... extent of Rs. 1,41,185. The assessee claimed development rebate on the sum of Rs. 1,41,185 also on the ground that the actual cost as per section 43(1) of the Income-tax Act, 1961 (for short "the Act"), would include the increased cost in view of the devaluation of the Indian currency. The Income-tax Officer did not allow the claim of the assessee. According to him, the provisions of sectio....

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.... to the computation of the actual cost for determining the development rebate allowable under section 33 in computing the actual cost of the asset for the purpose of development rebate. The only provision relevant is section 43(1) defining "actual cost" and, therefore, the assessee was entitled to development rebate on the amount of Rs. 1,41,185 also, which was payable as a result of change in the....

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....erfectly clear, and it is the clear requirement of the statute that, for the purpose of development rebate any increase or decrease in the actual cost consequent on fluctuations in the exchange rate should not be taken into account. It is not necessary to attribute any particular reason for the provision when the language of the section is otherwise plain and unambiguous. On the face of the langua....