1979 (7) TMI 151 - AT - Income Tax

Summary

The appeal by the Revenue related to reassessment under s. 16 for the Asst. yr. 1974-75. Late Shri T. Ramaswamy Naicker's share in the development rebate reserve was not considered in the original assessment. The AAC allowed the appeal, stating the reserve was not deducted from the firm's assets. The Tribunal upheld the AAC's order, noting the reserve was properly considered in the net assets calculation. The departmental appeal was dismissed. (Case: Appellate Tribunal ITAT MADRAS-A, Citation: 1979 (7) TMI 151 - ITAT MADRAS-A)