https://www.taxtmi.com/caselaws?id=22190 The High Court held that the conversion of an individual's proprietary business into a partnership constituted a transfer of assets under the Income-tax Act, leading to the disentitlement of the development rebate claimed by the assessee. The court referred to precedents and aligned its interpretation with the Supreme Court's view that bringing personal assets into a partnership amounts to a transfer. The decision favored the Revenue, upholding the disentitlement of the rebate and certifying the case for appeal to the Supreme Court due to its legal significance. en-us Thu, 07 Mar 1991 00:00:00 +0530 Mon, 07 Dec 2009 18:44:42 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=22190 The High Court held that the conversion of an individual's proprietary business into a partnership constituted a transfer of assets under the Income-tax Act, leading to the disentitlement of the development rebate claimed by the assessee. The court referred to precedents and aligned its interpretation with the Supreme Court's view that bringing personal assets into a partnership amounts to a transfer. The decision favored the Revenue, upholding the disentitlement of the rebate and certifying the case for appeal to the Supreme Court due to its legal significance. Case-Laws Income Tax Thu, 07 Mar 1991 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=22190