https://www.taxtmi.com/caselaws?id=5505 The Supreme Court ruled in favor of the Revenue in an appeal concerning the withdrawal of development rebate under the Income-tax Act. The case involved a lease agreement that was deemed to constitute a transfer under section 34(3)(b) of the Act, resulting in the machinery being "otherwise transferred" to the lessee before the stipulated period. The court broadly interpreted the term "transfer" and emphasized the necessity of exclusive ownership for claiming development rebates. The decision clarified the application of relevant provisions and upheld the withdrawal of the rebate, setting aside the decisions of lower courts. en-us Wed, 28 Feb 1996 00:00:00 +0530 Tue, 25 Nov 2008 00:00:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=5505 The Supreme Court ruled in favor of the Revenue in an appeal concerning the withdrawal of development rebate under the Income-tax Act. The case involved a lease agreement that was deemed to constitute a transfer under section 34(3)(b) of the Act, resulting in the machinery being "otherwise transferred" to the lessee before the stipulated period. The court broadly interpreted the term "transfer" and emphasized the necessity of exclusive ownership for claiming development rebates. The decision clarified the application of relevant provisions and upheld the withdrawal of the rebate, setting aside the decisions of lower courts. Case-Laws Income Tax Wed, 28 Feb 1996 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=5505