MAHABIR COLD STORAGE vs COMMISSIONER OF INCOME TAX, PATNA

The Supreme Court held that under Section 33 of the Income Tax Act, 1961, entitlement to development rebate requires both ownership and use of the asset by the assessee. The Court found that the newly constituted partnership firm did not inherit the claim from the old firm, as it was a separate entity with its own registration. Consequently, the appeal was dismissed, affirming the High Court's decision that the appellant was not entitled to the development rebate for the machinery installed by the previous partnership.