1984 (4) TMI 22

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....r s. 256(1) of the I.T. 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 ....

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.... on the ground that no provision 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 "). T....

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....why the claim cannot be allowed under s. 33(2)(ii). With these observations, the Tribunal held that the lower authorities were not justified in ignoring the assessee's claim of development rebate. Accordingly, the Tribunal set aside their order in so far as it related to a consideration of this claim and restored the matter to the ITO. The ITO was called upon to consider the assessee's claim on me....