TMI Blog1989 (1) TMI 41X X X X Extracts X X X X X X X X Extracts X X X X ..... nt rebate. The assessee filed his return of income for the assessment year 1973- 74 and claimed therein a development rebate of Rs. 42,353. No reserve account, in which 75 per cent. of this development rebate claimed, could be credited had, however, been created by the assessee, by debiting the profit and loss account for the year. Before the assessment was completed, the assessee filed a revise ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... position in law as laid down in CIT v. Haryana State Minor Irrigation and Tubewell Corporation Ltd. [1983] 140 ITR 437 (P H), that it is open to an assessee to make entries regarding development rebate reserve at any time before the assessment is completed, the question posed has clearly to be answered in the affirmative, in favour of the assessee and against the Revenue. A similar view was also ..... X X X X Extracts X X X X X X X X Extracts X X X X
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