https://www.taxtmi.com/caselaws?id=69234 Conversion of a proprietary business into a partnership was treated as not amounting to a transfer where the partnership deed expressly reserved the assessee's proprietary rights over the assets, quota-rights and goodwill. On that basis, the arrangement negated any transfer of the relevant asset and displaced the operation of section 14 of the Partnership Act. As there was no transfer within the meaning of section 2(47) of the Income-tax Act, 1961, the condition for withdrawing development rebate already allowed was not met, and the withdrawal was unsustainable. en-us Tue, 12 Dec 1978 00:00:00 +0530 Tue, 05 Apr 2011 18:42:41 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=69234 Conversion of a proprietary business into a partnership was treated as not amounting to a transfer where the partnership deed expressly reserved the assessee's proprietary rights over the assets, quota-rights and goodwill. On that basis, the arrangement negated any transfer of the relevant asset and displaced the operation of section 14 of the Partnership Act. As there was no transfer within the meaning of section 2(47) of the Income-tax Act, 1961, the condition for withdrawing development rebate already allowed was not met, and the withdrawal was unsustainable. Case-Laws Income Tax Tue, 12 Dec 1978 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=69234