https://www.taxtmi.com/caselaws?id=9019 Development rebate already allowed could be reopened under section 155(5) where the statutory conditions were met, even if the rebate had originally arisen under the 1922 Act and the transfer pre-dated the 1961 Act; the later Act was treated as extending to past events for withdrawal purposes. However, the transfer condition had to be proved on the ordinary meaning of transfer applicable at the time of the transaction. On that basis, the formation of a partnership, by itself, did not amount to a sale or transfer of machinery, so the rebate could not be withdrawn on the facts found. en-us Tue, 18 Jan 1972 00:00:00 +0530 Thu, 18 Jun 2009 17:03:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=9019 Development rebate already allowed could be reopened under section 155(5) where the statutory conditions were met, even if the rebate had originally arisen under the 1922 Act and the transfer pre-dated the 1961 Act; the later Act was treated as extending to past events for withdrawal purposes. However, the transfer condition had to be proved on the ordinary meaning of transfer applicable at the time of the transaction. On that basis, the formation of a partnership, by itself, did not amount to a sale or transfer of machinery, so the rebate could not be withdrawn on the facts found. Case-Laws Income Tax Tue, 18 Jan 1972 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=9019