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of <h1>Clarification on 'Sold or Otherwise Transferred' in Section 34(3)(b) of Income-tax Act: Firm Asset Distribution Rules Updated.</h1> The circular addresses the interpretation of 'sold or otherwise transferred' in Section 34(3)(b) of the Income-tax Act, 1961, concerning development rebates. It clarifies that upon the dissolution of a firm, if assets are divided among partners, it does not constitute a transfer, and the development rebate need not be withdrawn. However, if assets are transferred to a third party, the rebate should be withdrawn. This modifies previous guidance, emphasizing that mere changes in a firm's constitution do not necessitate rebate withdrawal. The instruction from May 29, 1974, is thus amended accordingly.
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