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1972 (3) TMI 6 - HC - Income TaxWhether the amount of development rebate in excess of the statutory percentage required to be made under the Income-tax Act is part of the accumulated profits of the company within the meaning of section 2(22)(e) of the Income-tax Act – assessee is well-founded in his contention that the artificial breaking up of the development rebate reserve into 75% of the reserve statutorily required to be made under the Act and the rest of the reserve and treating the 75% of the reserve alone as tied-up reserve is incorrect – question is answered in affirmative
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