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2002 (9) TMI 87 - MADRAS HIGH COURT"Whether, on the facts and in the circumstances of the case, the Tribunal was right in law in holding that the development rebate reserve written back should not be reduced from the capital base under rule 1(iii) of the Second Schedule to the Companies (Profits) Surtax Act, 1964?" - The amount credited into the general reserve from the development rebate reserve therefore is not to be regarded as an amount which had been allowed as a deduction in the computation of the income of the previous year under the Income-tax Act. - The question referred to us is answered in favour of the assessee and against the Revenue.
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