https://www.taxtmi.com/caselaws?id=70486 The Tribunal upheld the Income-tax Officer's decision to withdraw the development rebate/investment allowance when the assessee transferred assets to a wholly owned subsidiary, citing relevant provisions like sections 32A(7), 33(4), 155(4A), and 155(5)(i). The Tribunal clarified that section 47 exemptions only apply to capital gains, not rebate withdrawal under section 155(5). Judicial precedents supported strict compliance with rebate conditions, leading to the dismissal of the assessee's appeals and affirming the rebate withdrawal. en-us Sat, 31 Oct 1987 00:00:00 +0530 Sat, 16 Apr 2011 14:12:32 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=70486 The Tribunal upheld the Income-tax Officer's decision to withdraw the development rebate/investment allowance when the assessee transferred assets to a wholly owned subsidiary, citing relevant provisions like sections 32A(7), 33(4), 155(4A), and 155(5)(i). The Tribunal clarified that section 47 exemptions only apply to capital gains, not rebate withdrawal under section 155(5). Judicial precedents supported strict compliance with rebate conditions, leading to the dismissal of the assessee's appeals and affirming the rebate withdrawal. Case-Laws Income Tax Sat, 31 Oct 1987 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=70486