Supreme Court · 1997 INSC 746 · Decided 19 November 1997
M/S Hunsur Plywood Works LTD. v. The Commissioner of Income Tax
- Court
- Supreme Court of India
- Citation
- 1997 INSC 746 · [1997] SUPP. 5 S.C.R. 285
- Case number
- CIVIL APPEAL No. 140/1988
- Decided
- 19 November 1997
- Bench
- S.C. SEN, V.N. KHARE (2-judge bench)
- Outcome
- Appeal(s) allowed
- Case type
- Civil
- Acts & sections cited
- Income Tax Act Section 33
Headnote
B Income Tax Act. 1961 : Sections 33,34(3)(a)(i), ! 55(5)(ii)(a) and 154-Development rebate reserve-Utilised/or issuing bonus share-AYs 1972-73, 1974-75-Company's C claim to development rebate allowed by the assessing authority-Subsequently Company transferre<f sums ji-om the development to distribution of profits within the meaning of Sections 34(3)(a)(i) and I 55(5)(ii)(a)-Hence Revenue's order withdrawing the development rebate D not justified The appellant, a public1imited company, claimed development rebate under Section 33 of the Income Tax Act for AYs 1972-73, 1973-74 and
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