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1999 (3) TMI 13 - SC - Income TaxSection 2(9) defines the assessment year to be the period of 12 months commencing on the first day of April every year - It does not depend upon one or other assessee - unabsorbed development rebate u/s 33 and the unabsorbed deduction u/s 80J may be carried forward only for the eight and four assessment years, respectively, that follow the assessment year relevant to the previous year in which the said development rebate and deduction was first earned
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