1976 (2) TMI 78 - AT - Income Tax

Summary

The appeal was filed by a limited company against the CIT's order withdrawing development rebate of Rs. 1,94,272. The CIT found the initial rebate amount allowed was erroneous and reduced it to Rs. 4,57,860. The ITAT Madras held that the full rebate amount of Rs. 6,52,132 should be allowed, citing relevant case law and a CBDT circular. The appeal was allowed, and the CIT's order was set aside.