https://www.taxtmi.com/caselaws?id=20293 The High Court ruled in favor of the assessee, against the Revenue, in a case involving the withdrawal of development rebate for assessment years 1961-62 and 1962-63, and entitlement to development rebate for the assessment year 1963-64. The Court held that the withdrawal of the rebate was not justified as the transfer of business to another entity was valid despite a minor cash balance omission. Additionally, the assessee was entitled to the development rebate for the year 1963-64, as the transfer of machinery was part of the business succession. en-us Thu, 16 Sep 1993 00:00:00 +0530 Fri, 13 Nov 2009 10:52:59 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=20293 The High Court ruled in favor of the assessee, against the Revenue, in a case involving the withdrawal of development rebate for assessment years 1961-62 and 1962-63, and entitlement to development rebate for the assessment year 1963-64. The Court held that the withdrawal of the rebate was not justified as the transfer of business to another entity was valid despite a minor cash balance omission. Additionally, the assessee was entitled to the development rebate for the year 1963-64, as the transfer of machinery was part of the business succession. Case-Laws Income Tax Thu, 16 Sep 1993 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=20293