https://www.taxtmi.com/caselaws?id=69000 Distribution of a firm's assets on dissolution was treated as not amounting to a transfer under the law then applicable, so no taxable capital gains arose. The analysis noted that the later widening of the statutory definition of transfer did not apply to the assessment year in question. On the same footing, depreciation and development rebate could not be withdrawn because those allowances depended on a sale or other transfer within the meaning of the Act, and dissolution-based allotment of assets did not satisfy that condition. The Revenue's challenge therefore failed, and the assessee succeeded on both issues. en-us Fri, 17 Jul 1987 00:00:00 +0530 Fri, 20 Jan 2012 14:58:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=69000 Distribution of a firm's assets on dissolution was treated as not amounting to a transfer under the law then applicable, so no taxable capital gains arose. The analysis noted that the later widening of the statutory definition of transfer did not apply to the assessment year in question. On the same footing, depreciation and development rebate could not be withdrawn because those allowances depended on a sale or other transfer within the meaning of the Act, and dissolution-based allotment of assets did not satisfy that condition. The Revenue's challenge therefore failed, and the assessee succeeded on both issues. Case-Laws Income Tax Fri, 17 Jul 1987 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=69000