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The High Court of Bombay delivered a judgment in response to a reference made by the Revenue regarding the assessment years 1971-72 and 1972-73. The court ruled in favor of the assessee regarding the withdrawal of development rebate and the set off of unabsorbed development rebate. The decision was based on the precedent set in Indian Oil Corporation Ltd. v. S. Rajagopalan, ITO [1973] 92 ITR 241.
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