Allowance of development rebate in view of decision of S.C. in Subhlaxmi's case.

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..... f allowance of development rebate and the creation of reserve necessary therefor. The Supreme Court has held that in order to claim the deduction on account of development rebate u/s.33(1) it is obligatory that the debit entry in the profit and loss account and the credit entry in a reserve account should be made in the relevant previous year in which the machinery or plant is installed or first p .....

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