Supreme Court · 1990 INSC 328 · Decided 26 October 1990
Commissioner of Income Tax, Delhi Central v. Modi Spinning and Weaving Mills CO. LTD.
- Court
- Supreme Court of India
- Citation
- 1990 INSC 328 · [1990] SUPP. 2 S.C.R. 461
- Case number
- CIVIL APPEAL No. 330/1976
- Decided
- 26 October 1990
- Bench
- M.M. PUNCHHI, S.C. AGRAWAL (2-judge bench)
- Outcome
- Dismissed
- Case type
- Civil
- Acts & sections cited
- Companies Act; Income Tax Act Section 10(2)(vib)
Headnote
B Income Tax Act, 1922-Section 10(2)(vib), Proviso (b) and CBDT Circular dated October 14, 1965 Explanations (a), (b) and (c) Allowance of development rebate on plant and machinery--Entitlement to by assessee. In Commissioner of Income Tax, Madras v. Veeraswami Nainar & 0 rs., SS ITR .3S, the ment rebate reserved shonld be made at the time of making up the Profits and Loss A~count, and this was affirmed by this Court in Indian Overseas Bank's Ltd. v. Commissioner of Income Tax, 77 ITR S12. A distinction "'as drawn between development rebate reserve and other reserves
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