1984 (4) TMI 22

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..... Act, 1961 (hereinafter referred to as " the Act "), at the instance of the Department, raises the following question for the opinion of the court: " Whether, on the facts and in the circumstances of the case, the Tribunal was legally correct in holding that the assessee was entitled to claim development rebate for the assessment year 1965-66 without creating development rebate reserve ? " The ....

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....vision has been made in the profit and loss account for development rebate. The AAC allowed relief on several other counts thereby reducing the total income by about Rs. 1,78,000 and directing further relief to be given on recomputation of the depreciation. The assessee filed further appeal before the Income-tax Appellate Tribunal (for short called " the Tribunal "). The Tribunal held that for th....