https://www.taxtmi.com/caselaws?id=351424 The court dismissed the appeals filed by a partnership firm regarding the interpretation of Section 2(47) of the Income Tax Act and the applicability of Sections 32A(5) and 34(3)(b). The case involved the transfer of plant and machinery to a partner upon retirement. The court found that the partner did not continue to use the machinery as required by the Act, leading to the withdrawal of investment allowance/development rebate benefits. The court emphasized the necessity of meeting statutory requirements for claiming tax benefits, resulting in the dismissal of the appeals. en-us Tue, 14 Nov 2017 00:00:00 +0530 Fri, 24 Nov 2017 06:29:23 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=351424 The court dismissed the appeals filed by a partnership firm regarding the interpretation of Section 2(47) of the Income Tax Act and the applicability of Sections 32A(5) and 34(3)(b). The case involved the transfer of plant and machinery to a partner upon retirement. The court found that the partner did not continue to use the machinery as required by the Act, leading to the withdrawal of investment allowance/development rebate benefits. The court emphasized the necessity of meeting statutory requirements for claiming tax benefits, resulting in the dismissal of the appeals. Case-Laws Income Tax Tue, 14 Nov 2017 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=351424