TMI Blog1978 (4) TMI 67X X X X Extracts X X X X X X X X Extracts X X X X ..... 8, the assessee-company claimed development rebate at the rate of 20%. The Income-tax Officer allowed the claim but to a lesser extent. Subsequently, the assessee applied for rectification under section 154 of the Act on the ground that it was entitled to be treated as a priority industry under s. 80-I of the Income-tax Act and, as such, entitled to a development rebate at the rate of 35%. The Inc ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... the department, the Tribunal has referred for our opinion the following three questions of law : " 1. Whether, on the facts and in the circumstances of the case, the Appellate Tribunal is legally correct in holding that the Income-tax Officer should have allowed the assessee an opportunity to create further reserve under s. 34(3)(a) of the Income-tax Act, 1961, in order to meet the deficiency ? ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ct to meet the deficiency, if any. In Commissioner of Income-tax v. Modi Spinning Weaving Mills Co. Ltd. [1973] 89 ITR 304 (All), a Bench of this court has held that the assessee is entitled to an opportunity to create a reserve so long as the assessment proceedings are not over. The Act does not specify any period of time within which the relevant entry should be made. Even if the entries are m ..... X X X X Extracts X X X X X X X X Extracts X X X X
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