Law:

Section:

Section 33, read with section 34, of the Income-tax Act, 1961 - Development rebate - Whether development reserve created by assessee before completion of assessment fully satisfied requirements of relevant provisions of Act for purpose of allowance of development rebate - Held, yes HELD In view of the decision of the Bombay High Court in CIT v. Janardhan Zarapkar [1982] 138 ITR 482, the Tribunal was justified in holding that the development reserve created by the assessee before the completion of the assessment fully complied with the requirements of the relevant provisions of the Act, for the purpose of allowance of development rebate. Note : The decision is in favour of the assessee. CASE REFERRED TO CIT v. Janardhan Zarapkar [1982] 138 ITR 482 (Bom.) JUDGMENT Desai, J -The question referred to us at the instance of the Revenue by the Tribunal, Bombay Bench "E", reads as under: "Whether, on…

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