https://www.taxtmi.com/caselaws?id=70713 The Tribunal held that the provisions of the Income-tax Act applied when plant or machinery was sold or transferred, even in cases of selling the entire business as a going concern. It upheld the ITO's withdrawal of development rebate and investment allowance, rejecting arguments based on case laws and Circular No. 63. The Tribunal emphasized that separate valuation for each asset was not required and reinstated the ITO's orders for both assessment years. en-us Tue, 19 Jul 1983 00:00:00 +0530 Mon, 18 Apr 2011 17:17:38 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=70713 The Tribunal held that the provisions of the Income-tax Act applied when plant or machinery was sold or transferred, even in cases of selling the entire business as a going concern. It upheld the ITO's withdrawal of development rebate and investment allowance, rejecting arguments based on case laws and Circular No. 63. The Tribunal emphasized that separate valuation for each asset was not required and reinstated the ITO's orders for both assessment years. Case-Laws Income Tax Tue, 19 Jul 1983 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=70713