1984 (4) TMI 22 - HC - Income Tax

Summary

The High Court of Delhi considered a case involving the entitlement of an assessee to claim development rebate without creating a development rebate reserve for the assessment year 1965-66. The Income Tax Appellate Tribunal held that creation of a reserve is not necessary for claiming the rebate, but it is required for actual allowance. The Tribunal directed the matter back to the assessing officer for further consideration. The reference was answered against the Department.