https://www.taxtmi.com/caselaws?id=8438 Distribution of partnership assets on dissolution is treated as an adjustment of the partners' mutual rights and liabilities, not as a sale or other transfer by the firm. The Kerala HC considered whether the words "sold or otherwise transferred" in section 34(3)(b), read with section 155(5), covered such distribution for withdrawal of development rebate. It held that the widened definitions of "transfer" and "person" in the Income-tax Act did not change the legal character of dissolution distribution, so the assets were not transferred by the assessee for this purpose. The consequence was that development rebate was not withdrawn on that basis. en-us Tue, 14 Sep 1971 00:00:00 +0530 Wed, 15 Apr 2009 11:30:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=8438 Distribution of partnership assets on dissolution is treated as an adjustment of the partners' mutual rights and liabilities, not as a sale or other transfer by the firm. The Kerala HC considered whether the words "sold or otherwise transferred" in section 34(3)(b), read with section 155(5), covered such distribution for withdrawal of development rebate. It held that the widened definitions of "transfer" and "person" in the Income-tax Act did not change the legal character of dissolution distribution, so the assets were not transferred by the assessee for this purpose. The consequence was that development rebate was not withdrawn on that basis. Case-Laws Income Tax Tue, 14 Sep 1971 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=8438