1989 (2) TMI 90 - HC - Income Tax

Summary

The High Court of Punjab and Haryana ruled in favor of the assessee, a steel ingot manufacturing company, allowing the carrying forward of development rebate without creating a reserve. The decision was based on a previous judgment in Acropolymers (P.) Ltd. v. CIT [1985] 151 ITR 158. The Tribunal's direction to compute and carry forward the development rebate was upheld.