1989 (2) TMI 90

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....rns the carrying forward of development rebate. The assessee here is a company manufacturing steel ingots. During the assessment year 1973-74, it suffered losses. Development rebate at the rate of 25 per cent. was claimed in respect of machinery worth Rs. 29,52,262. This claim was declined by the Income-tax Officer on the ground that no development rebate reserve has been created by the assessee.....