https://www.taxtmi.com/caselaws?id=20947 The Tribunal held that the machinery was not transferred by the old firm to the new firm before its dissolution. It emphasized that the transfer must be by the assessee who had been granted the development rebate, which was not the case here. The Income-tax Officer was found not entitled to withdraw the development rebate originally granted as there was no transfer as per the provisions of the Income-tax Act. The Tribunal's decision was upheld, favoring the assessee and rejecting the Revenue's claims. en-us Mon, 12 Oct 1992 00:00:00 +0530 Wed, 18 Nov 2009 12:17:54 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=20947 The Tribunal held that the machinery was not transferred by the old firm to the new firm before its dissolution. It emphasized that the transfer must be by the assessee who had been granted the development rebate, which was not the case here. The Income-tax Officer was found not entitled to withdraw the development rebate originally granted as there was no transfer as per the provisions of the Income-tax Act. The Tribunal's decision was upheld, favoring the assessee and rejecting the Revenue's claims. Case-Laws Income Tax Mon, 12 Oct 1992 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=20947