https://www.taxtmi.com/caselaws?id=21021 The High Court held that the transfer of assets inherited by legal heirs to a newly constituted partnership-firm constituted a transfer under the Income-tax Act. This transfer resulted in the withdrawal of the development rebate claimed on the assets, as the reduction of exclusive rights to shared rights among partners in the firm fell within the definition of transfer under the Act. The Court's decision favored the Revenue, emphasizing the broad interpretation of transfer and its application to the specific scenario, leading to the assets being subject to withdrawal of the development rebate. en-us Fri, 06 Nov 1992 00:00:00 +0530 Wed, 18 Nov 2009 16:46:33 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=21021 The High Court held that the transfer of assets inherited by legal heirs to a newly constituted partnership-firm constituted a transfer under the Income-tax Act. This transfer resulted in the withdrawal of the development rebate claimed on the assets, as the reduction of exclusive rights to shared rights among partners in the firm fell within the definition of transfer under the Act. The Court's decision favored the Revenue, emphasizing the broad interpretation of transfer and its application to the specific scenario, leading to the assets being subject to withdrawal of the development rebate. Case-Laws Income Tax Fri, 06 Nov 1992 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=21021