1982 (10) TMI 32 - HC - Income Tax

Summary

The High Court of Allahabad ruled that the assessee, M/s. Narang Diary Products, was entitled to carry forward and set off unabsorbed development rebate from earlier years against its income for the assessment year 1970-71, even though the assets in question had been given on hire and were not used for the assessee's own business. This decision was based on Section 33(2) of the Income-tax Act, 1961 and was in line with a previous court ruling in the case of CIT v. Rampur Timber & Turnery Co. Ltd. The court ruled in favor of the assessee and awarded costs of Rs. 250.