https://www.taxtmi.com/circulars?id=10191 Section 34(3)(b) permits withdrawal of development rebate where the asset on which the rebate was allowed is sold or otherwise transferred before expiry of the limitation period. On firm dissolution the original assessee ceases to exist and a new firm becomes owner of assets and reserve, which constitutes a transfer; transfers effected as steps in business reorganisation or expansion (e.g., proprietor or joint family forming a partnership) will attract withdrawal if within the limitation period. en-us Wed, 29 May 1974 00:00:00 +0530 Sat, 11 Jun 2011 13:10:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/circulars?id=10191 Section 34(3)(b) permits withdrawal of development rebate where the asset on which the rebate was allowed is sold or otherwise transferred before expiry of the limitation period. On firm dissolution the original assessee ceases to exist and a new firm becomes owner of assets and reserve, which constitutes a transfer; transfers effected as steps in business reorganisation or expansion (e.g., proprietor or joint family forming a partnership) will attract withdrawal if within the limitation period. Circulars Income Tax Wed, 29 May 1974 00:00:00 +0530 https://www.taxtmi.com/circulars?id=10191