The assessee's claim for development rebate on certain assets.

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..... ITO rejected assessee's claim for development rebate on certain assets. The disallowance was upheld by the AAC as well as the Tribunal. The assessee filed a reference application u/s.66(1) of the I.T.Act,1922. The High Court decided the reference in assessee's favour in July, 1965. As per the directions of the High court the development rebate was thus granted by the ITO only in May 1966 in respec .....

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