Law:

Section:

Section 33, read with section 34 of the Income-tax Act, 1961 - Development rebate - Assessment year 1970-71 - Whether in view of amendment of section 34(3)(a) by Finance Act, 1990 with retrospective effect, assessee company was entitled to carry forward unabsorbed development rabate to future years to be set off against profits of those years on creating requisite reserve - Held, yes FACTS For the relevant assessment year, the Tribunal held that the assessee was entitled to carry forward the unabsorbed development rebate to future years to be set off against profits of those years on its creating the requisite reserve. On reference : HELD In view of the amendment of section 34(3)(a ) by the Finance Act, 1990 with retrospective effect, it was held that the assessee was entitled to carry forward the unabsorbed development rebate to future years to be set off against profits of those years on the assessee's creating the requisite reserve. Note : The case was decided in favour of the assessee.…

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