https://www.taxtmi.com/caselaws?id=26238 The Tribunal held that the circular in force during the assessment year should govern the case, granting 100% allowance for film production costs. Subsequent circulars do not apply to periods prior to their issuance. Regarding the determination of "transfer of asset" in a partition case, it was established that the partition of a Hindu undivided family did not constitute a transfer of asset under section 34(3)(b) as it did not meet the requirement of transfer by the assessee. Therefore, the claim for development rebate was upheld, and the question was answered in favor of the assessee. en-us Mon, 19 Nov 1984 00:00:00 +0530 Wed, 03 Feb 2010 16:23:57 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=26238 The Tribunal held that the circular in force during the assessment year should govern the case, granting 100% allowance for film production costs. Subsequent circulars do not apply to periods prior to their issuance. Regarding the determination of "transfer of asset" in a partition case, it was established that the partition of a Hindu undivided family did not constitute a transfer of asset under section 34(3)(b) as it did not meet the requirement of transfer by the assessee. Therefore, the claim for development rebate was upheld, and the question was answered in favor of the assessee. Case-Laws Income Tax Mon, 19 Nov 1984 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=26238