1988 (11) TMI 13

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..... eads thus : "Whether, on the facts and in the circumstances of the case, the Income-tax Officer was justified in withdrawing development rebate of Rs. 35,601 allowed in the original assessment order even though the assessee-company had not created the full amount of development rebate reserve, viz., 75 per cent of the cost of plant and machinery of Rs. 83,482 during the previous year as required .....

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..... the assessment year 1972-73 ?" Counsel are agreed that the answer to be given to all the three questions is governed by the decision of this court in Indian Oil Corporation Ltd. v. S. Rajagopalan, ITO [1973] 92 ITR 241. Following that judgment, the only question for the assessment year 1971-72 is answered in the negative and in favour of the assessee. Both questions relating to the assessment y .....

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