https://www.taxtmi.com/caselaws?id=18955 The court ruled in favor of the Revenue, holding that the transfer of assets to the new firm constituted a valid transfer under section 34(3)(b) of the Income-tax Act, 1961. The development rebate withdrawal was deemed justified as the new firm was considered a separate legal entity, distinct from the assessee-firm, despite common partners. The court upheld the Tribunal's decision in favor of the Revenue, emphasizing that the transfer of assets occurred within the specified period, leading to the denial of the development rebate to the assessee-firm. en-us Mon, 19 Dec 1994 00:00:00 +0530 Tue, 03 Nov 2009 10:49:29 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=18955 The court ruled in favor of the Revenue, holding that the transfer of assets to the new firm constituted a valid transfer under section 34(3)(b) of the Income-tax Act, 1961. The development rebate withdrawal was deemed justified as the new firm was considered a separate legal entity, distinct from the assessee-firm, despite common partners. The court upheld the Tribunal's decision in favor of the Revenue, emphasizing that the transfer of assets occurred within the specified period, leading to the denial of the development rebate to the assessee-firm. Case-Laws Income Tax Mon, 19 Dec 1994 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=18955