  A cranked shell model approach for the description of rotational bands in
$N\approx Z$ nuclei is formulated. The isovector neutron-proton pairing is
taken into account explicitly. The concept of spontaneous breaking and
subsequent restoration of the isospin symmetry turns out to be crucial. The
general rules to construct the near yrast-spectra for rotating nuclei are
presented. For the model case of particles in a j-shell, it is shown that
excitation spectra and the alignment processes are well described as compared
to the exact shell model calculation. Realistic cranked shell model
calculations are able to describe the experimental spectra of $^{72,73}$Kr and
$^{74}$Rb isotopes. \
