https://www.taxtmi.com/caselaws?id=19244 The High Court upheld the Income-tax Officer's withdrawal of development rebate and investment allowance for the assessment years 1975-76 and 1977-78, respectively. The Court ruled that the provisions allowing withdrawal of benefits upon the sale or transfer of machinery applied in the case where the entire business undertaking, including machinery, was sold. Consequently, the withdrawal of both tax benefits was deemed justified, affirming the decisions of the Tribunal and supporting the Revenue's actions in both instances. en-us Thu, 15 Dec 1994 00:00:00 +0530 Wed, 04 Nov 2009 18:19:04 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=19244 The High Court upheld the Income-tax Officer's withdrawal of development rebate and investment allowance for the assessment years 1975-76 and 1977-78, respectively. The Court ruled that the provisions allowing withdrawal of benefits upon the sale or transfer of machinery applied in the case where the entire business undertaking, including machinery, was sold. Consequently, the withdrawal of both tax benefits was deemed justified, affirming the decisions of the Tribunal and supporting the Revenue's actions in both instances. Case-Laws Income Tax Thu, 15 Dec 1994 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=19244