9911796707
TMI Blog1972 (2) TMI 2X X X X Extracts X X X X X X X X Extracts X X X X ..... fore claim for rebate is admissible - - - - - Dated:- 1-2-1972 - Judge(s) : RAMANUJAM., V. RAMASWAMY. JUDGMENT The judgment of the court was delivered by RAMANUJAM J.- These two cases are connected and they relate to assessment years 1958-59 and 1959-60, respectively. The assessee is common in both the cases. He was carrying on transport business, in addition to running a rice and flour ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... is not entitled to the development rebate claimed by him, as he has not complied with the revisions of Explanation 2 to section 10(2)(vib) of the Act. According to the Income-tax Officer, the development rebate reserve has not been shown to have been made in the books of account of the assessee. The assessee appealed to the Appellate Assistant Commissioner who confirmed the view taken by the Incom ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... a reading of Explanation 2 to section 10(2)(vib) of the Act, we are satisfied that the decision of the Tribunal is correct in this case. Explanation 2 does not make any reference to books of account maintained by an assessee. It merely postulates the claim for development rebate being made, only when an amount equal to seventy-five per cent. of the development rebate to be actually allowed is deb ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ctually be written off in the books of the assessee, this court expressed the view that it is not necessary for an assessee to maintain all books of account, but that it is sufficient if he has maintained such accounts from which it could be found that actually the value of machinery has been written off. From the above decision, it is seen that, even in a case where there is a statutory requireme ..... X X X X Extracts X X X X X X X X Extracts X X X X
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