Successor liability for development rebate established, making successor responsible for tax from recomputation and predecessor allowances. The amendment inserts words to subject transfers 'for any consideration not connected with any amalgamation or succession' to the rule in section 35(11)(i), and adds an Explanation deeming a successor under clause (vic) of section 10(2) to be the assessee for allowances by way of development rebate made to the predecessor, making the successor liable for any tax resulting from recomputation of the predecessor's total income.
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Provisions expressly mentioned in the judgment/order text.
Successor liability for development rebate established, making successor responsible for tax from recomputation and predecessor allowances.
The amendment inserts words to subject transfers "for any consideration not connected with any amalgamation or succession" to the rule in section 35(11)(i), and adds an Explanation deeming a successor under clause (vic) of section 10(2) to be the assessee for allowances by way of development rebate made to the predecessor, making the successor liable for any tax resulting from recomputation of the predecessor's total income.
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