https://www.taxtmi.com/caselaws?id=26190 The High Court held that the conversion of a proprietary business into a partnership business constituted a transfer of a capital asset, leading to the loss of exclusive proprietary rights by the individual over the property. This resulted in the withdrawal of the development rebate granted to the assessee under the Income-tax Act. The court upheld the Income-tax Officer's decision, ruling in favor of the Revenue and against the assessee, based on established legal principles and precedents. en-us Wed, 23 Oct 1985 00:00:00 +0530 Wed, 03 Feb 2010 13:26:31 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=26190 The High Court held that the conversion of a proprietary business into a partnership business constituted a transfer of a capital asset, leading to the loss of exclusive proprietary rights by the individual over the property. This resulted in the withdrawal of the development rebate granted to the assessee under the Income-tax Act. The court upheld the Income-tax Officer's decision, ruling in favor of the Revenue and against the assessee, based on established legal principles and precedents. Case-Laws Income Tax Wed, 23 Oct 1985 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=26190