Development rebate withdrawal required when assets sold within eight years; officers must verify and initiate withdrawal promptly. Income-tax Officers must check balance sheets for sales of machinery and verify whether development rebate was previously allowed; if an asset was disposed of within eight years of acquisition, the officer must promptly initiate withdrawal of the rebate under the reassessment provision, and if the earlier claim is pending in appeal or revision, notify the appellate/revision authority or record a note that rebate should be withdrawn if the claim is admitted.
Cases where this provision is explicitly mentioned in the judgment/order text; may not be exhaustive. To view the complete list of cases mentioning this section, Click here.
Provisions expressly mentioned in the judgment/order text.
Development rebate withdrawal required when assets sold within eight years; officers must verify and initiate withdrawal promptly.
Income-tax Officers must check balance sheets for sales of machinery and verify whether development rebate was previously allowed; if an asset was disposed of within eight years of acquisition, the officer must promptly initiate withdrawal of the rebate under the reassessment provision, and if the earlier claim is pending in appeal or revision, notify the appellate/revision authority or record a note that rebate should be withdrawn if the claim is admitted.
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