https://www.taxtmi.com/caselaws?id=8199 Distribution of partnership assets in specie on dissolution was treated as an adjustment of mutual rights, not a sale or legal transfer, so it did not by itself trigger withdrawal of development rebate. The earlier rebate already allowed could not be withdrawn where the relevant succession was from the dissolved firm to a successor firm, not directly to the company. Development rebate for the later assessment year also could not be denied on the basis of events occurring after the close of the accounting year, because entitlement had to be tested on the facts existing in that year. The taxpayer succeeded on all referred issues. en-us Thu, 10 Dec 1970 00:00:00 +0530 Thu, 02 Apr 2009 18:03:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=8199 Distribution of partnership assets in specie on dissolution was treated as an adjustment of mutual rights, not a sale or legal transfer, so it did not by itself trigger withdrawal of development rebate. The earlier rebate already allowed could not be withdrawn where the relevant succession was from the dissolved firm to a successor firm, not directly to the company. Development rebate for the later assessment year also could not be denied on the basis of events occurring after the close of the accounting year, because entitlement had to be tested on the facts existing in that year. The taxpayer succeeded on all referred issues. Case-Laws Income Tax Thu, 10 Dec 1970 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=8199