Supreme Court · 1989 INSC 102 · Decided 28 March 1989
Shubhlaxmi Mills Limited v. Additional Commissioner of Income-Tax, Gujarat
- Court
- Supreme Court of India
- Citation
- 1989 INSC 102 · [1989] 2 S.C.R. 86
- Case number
- CIVIL APPEAL No. 47/1975
- Decided
- 28 March 1989
- Bench
- R.S. PATHAK, RANGANATH MISRA (2-judge bench)
- Outcome
- Dismissed
- Case type
- Civil
- Acts & sections cited
- Income Tax Act Section 33(1), 33, 34
Headnote
MILLS LIMITED v. ADDITIONAL COMMISSIONER OF INCOME-TAX, GUJARAT MARCH 28, 1989 B [R.S. PATHAK, CJ AND RANGANATH MISRA, J.] Income Tax Act, 1961-S. 33(1) read with S. 34(3)(a) and Exp/a- nation thereto-Creation of a reserve fund in the relevant previous year is a condition precedent for claimed as a deduction in respect of a new machinery or plant. Clause (a) of sub-s. (3) of s. 34 stipulates that the said deduction shall not be D allowed unless an amount equal to 75 per cent of the development rebate is debited to the profit and Joss account of the relevant previous year and
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