https://www.taxtmi.com/caselaws?id=5700 Under section 155(5) of the Income-tax Act, withdrawal of development rebate required a transfer by the assessee of the installed plant or machinery. As no such transfer occurred, because the ownership change arose from a court-approved scheme and dissolution of a partner company, the statutory condition was unmet and the rebate could not be withdrawn. The rectification also had to be tested only under section 155(5), since that special provision excluded recourse to the general rectification power under section 154 on the same subject-matter. The SC upheld the assessee's position and the Revenue's challenge failed. en-us Thu, 20 Mar 1997 00:00:00 +0530 Wed, 29 Feb 2012 13:21:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=5700 Under section 155(5) of the Income-tax Act, withdrawal of development rebate required a transfer by the assessee of the installed plant or machinery. As no such transfer occurred, because the ownership change arose from a court-approved scheme and dissolution of a partner company, the statutory condition was unmet and the rebate could not be withdrawn. The rectification also had to be tested only under section 155(5), since that special provision excluded recourse to the general rectification power under section 154 on the same subject-matter. The SC upheld the assessee's position and the Revenue's challenge failed. Case-Laws Income Tax Thu, 20 Mar 1997 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=5700