Supreme Court of India
Shubhlaxmi Mills Limited v. Additional Commissioner of Income-tax, Gujarat
INSC stands for INDIAN SUPREME COURT. A neutral citation scheme assigned by the Court itself, so a judgment can be cited without depending on a commercial law reporter. INSC is the neutral citation scheme assigned by the Supreme Court, so a judgment can be cited without depending on a commercial law reporter.
What the Court ordered
We hold that the High Court is right in answering the questions in favour of the Revenue and against the assessee.
Judgment, page 6
From the headnote
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 claiming deduction on account of 'develop- c ment rebate'. Sub-s. (1) of S. 33 of the Income Tax Act, 1961 provides that subject to the provisions of s. 34 thereof development rebate may be 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 allowed unless an amount equal to 75 per cent of the development rebate is debited to the profit and
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