https://www.taxtmi.com/caselaws?id=27205 The court held that the conversion of a proprietary business into a partnership constituted a "transfer" triggering the forfeiture of development rebate under section 155(5) of the Income-tax Act, 1961. The court rejected the argument that a partnership firm could not be considered a "person" under the provision, emphasizing that a firm is a distinct assessable entity. The court affirmed the disallowance of development rebate for the relevant assessment years and awarded costs to the Department. en-us Wed, 13 Oct 1982 00:00:00 +0530 Thu, 11 Feb 2010 15:05:48 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=27205 The court held that the conversion of a proprietary business into a partnership constituted a "transfer" triggering the forfeiture of development rebate under section 155(5) of the Income-tax Act, 1961. The court rejected the argument that a partnership firm could not be considered a "person" under the provision, emphasizing that a firm is a distinct assessable entity. The court affirmed the disallowance of development rebate for the relevant assessment years and awarded costs to the Department. Case-Laws Income Tax Wed, 13 Oct 1982 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=27205