https://www.taxtmi.com/caselaws?id=5907 Development rebate was conditional on the machinery not being sold or otherwise transferred within the prescribed period, and the allowance was unavailable where that condition was not met. Because the Income-tax Officer already knew at the de novo assessment stage that the buses had been sold within eight years of purchase, he was not obliged to grant the rebate first and then withdraw it under the rectification provision; the rebate could be denied at assessment. The decision therefore favoured the Revenue. en-us Wed, 11 Sep 1985 00:00:00 +0530 Sat, 29 Nov 2008 00:00:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=5907 Development rebate was conditional on the machinery not being sold or otherwise transferred within the prescribed period, and the allowance was unavailable where that condition was not met. Because the Income-tax Officer already knew at the de novo assessment stage that the buses had been sold within eight years of purchase, he was not obliged to grant the rebate first and then withdraw it under the rectification provision; the rebate could be denied at assessment. The decision therefore favoured the Revenue. Case-Laws Income Tax Wed, 11 Sep 1985 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=5907