At the instance of the Revenue t he questions set forth earlier were referred to the High Cou rt for its opinion.
From the Judgment and Order dated 3.10.1974 of t he Gujarat High Court in I.T. Reference No.
Whether, on the facts and in the circumstances of the case, the Tribunal was justified in directing that t he Income tax Officer should determine the development reba te and such development rebate should be allowed to be carri ed forward and set off when profits are available and if, in that year, the assessee fulfils the necessary requiremen ts for such allowance like creation of adequate reserve?
N.P. The Judgment of the Court was delivered by PATHAK, C.J. This appeal by certificate granted by t he High Court of Gujarat is directed against the judgment of the High Court on the following questions referred to it by the Appellate Tribunal Whether, on the facts and in the circumstances of the case, the Tribunal was fight in holding that the asse s see cannot be denied the benefit of carry forward of deve l opment rebate?
The assessee is a limited Company.
47 N T of 1975.
For the assessment ye ar 1962 63, the previous year being the calendar year 1961, t he assessee claimed that a sum of Rs.
CIVIL APPELLATE JURISDICTION Civil Appeal No.
It has a textile mi ll at Cambay in the State of Gujarat.
Bishambar Lal for the Appellant.
In second appe al the claim by the assessee found favour with the Income T ax Appellate Tribunal.
The Income tax Officer rejected the claim on t he ground that the assessee had number created a reserve as companyn templated by sub s. 3 of s. 34 of the Income tax Ac t, 1961.
S. Desai, B. Rao and Ms. A. Subhashini for the Responden t. B. Lal for the Intervener.
1,26,233 should be a l lowed as development rebate under s. 33 of the Income t ax Act, 1961.
30 of 1973.
The Appellate Assistant Commissioner of Income T ax dismissed the appeal filed by the assessee.
