Development rebate--Allowance where reserve created is in excess of the statutory percentage.

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..... e capital of a company for the purposes of super profits tax, it was stated that a development rebate reserve which is either less than the statutory percentage [specified in section 10(2)(vib) of the Income-tax Act, 1922, and section 34(3) of the Income-tax Act, 1961] or, in excess of the prescribed percentage could not be said to have been created in compliance with the statutory provisions in t .....

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..... allowance of development rebate is not to be denied in cases where the reserve created is in excess of the statutory requirements, because this does not result in any violation of the requirement of creation of a reserve equal to the statutory percentage of the development rebate to be actually allowed. - Circular - Trade Notice - Public Notice - Instructions - Office orders Tax Management Indi .....

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