Law:

Section:

Section 33 of the Income-tax Act, 1961 - Development Rebate - Whether in view of decision in Indian oil Corpn. Ltd. v. S. Rajagopalan, ITO [1973] 92 ITR 241 (Bom.), assessee was entitled to development rebate in respect of plant and machinery installed during earlier years when no development rebate reserve was created in year of installation of plant and machinery because of lack of profits in those years - Held, yes FACTS The Tribunal held that the assessee was entitled to development rebate on its plant and machinery installed during the earlier years when no development/rebate reserve was created in the year of installation of the plant and machinery because of lack of profits in those years. On reference : HELD Following the decision in the case of Indian Oil Corporation Ltd. v. S. Rajagopalan, ITO [1973] 92 ITR 241 (Bom.) it was to be held that the order passed by the Tribunal was correct and it did not require any interference. Note : The case has been decided in favour of the assessee. CASE REFERRED TO Indian Oil Corpn. Ltd. v. S. Rajagopalan,…

Deprecated: trim(): Passing null to parameter #1 ($string) of type string is deprecated in /home/digixyei/sldsystempk.com/view/master-layout/view_case.php on line 492