2001 (7) TMI 60 - HC - Income Tax

Summary

The High Court of Delhi ruled that the assessee was not entitled to development rebate on the increase in the cost of asset due to devaluation of the rupee for the assessment year 1967-68. The court upheld the decision of the Income-tax Appellate Tribunal and denied the benefit of development rebate to the assessee based on the clear language of section 43A of the Income-tax Act, 1961. The judgment favored the Revenue and concluded the matter.