https://www.taxtmi.com/caselaws?id=69722 On dissolution of a partnership firm, where a private limited company that was already a partner took over the business, assets and liabilities by adjustment of partners' rights, the arrangement was treated as distribution of partnership property rather than a sale or transfer. The development rebate reserve was carried over as part of the succession. The transaction was therefore outside the scope of section 155(5), and withdrawal of development rebate was not justified. The conditions of section 33(4) were also treated as satisfied because the company became owner of the firm's properties through the dissolution arrangement, making section 155(5) inapplicable. en-us Mon, 30 Apr 1979 00:00:00 +0530 Mon, 11 Apr 2011 17:09:39 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=69722 On dissolution of a partnership firm, where a private limited company that was already a partner took over the business, assets and liabilities by adjustment of partners' rights, the arrangement was treated as distribution of partnership property rather than a sale or transfer. The development rebate reserve was carried over as part of the succession. The transaction was therefore outside the scope of section 155(5), and withdrawal of development rebate was not justified. The conditions of section 33(4) were also treated as satisfied because the company became owner of the firm's properties through the dissolution arrangement, making section 155(5) inapplicable. Case-Laws Income Tax Mon, 30 Apr 1979 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=69722