https://www.taxtmi.com/caselaws?id=25761 "Otherwise transferred" under sections 34(3)(b) and 155(5) of the Income-tax Act has a wide meaning and is not confined to a completed sale. Where the transferee is given exclusive possession and enjoyment of a trawler, with rights to alter it and supporting lien and hypothecation arrangements, the substantive transfer occurs on execution of the agreement even if formal sale is completed later. The development rebate was therefore validly withdrawn within the prescribed period, and recomputation of income was upheld in favour of the Revenue. en-us Fri, 02 Jan 1987 00:00:00 +0530 Sat, 30 Jan 2010 17:18:48 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=25761 "Otherwise transferred" under sections 34(3)(b) and 155(5) of the Income-tax Act has a wide meaning and is not confined to a completed sale. Where the transferee is given exclusive possession and enjoyment of a trawler, with rights to alter it and supporting lien and hypothecation arrangements, the substantive transfer occurs on execution of the agreement even if formal sale is completed later. The development rebate was therefore validly withdrawn within the prescribed period, and recomputation of income was upheld in favour of the Revenue. Case-Laws Income Tax Fri, 02 Jan 1987 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=25761