https://www.taxtmi.com/caselaws?id=27402 The High Court held that the partition of joint family assets and their transfer to a partnership did not constitute a violation of section 34(3)(b) of the Income Tax Act, 1961. The court relied on established legal principles and precedents to conclude that the transfer did not amount to a sale or transfer under the Act. Additionally, the court determined that section 155(5) was inapplicable in this case as the transfer was not made by the assessee to whom the development rebate was granted initially. The court ruled in favor of the assessee, finding the Income Tax Officer's order under section 155(5) to be erroneous. en-us Mon, 16 Jul 1984 00:00:00 +0530 Fri, 12 Feb 2010 15:28:33 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=27402 The High Court held that the partition of joint family assets and their transfer to a partnership did not constitute a violation of section 34(3)(b) of the Income Tax Act, 1961. The court relied on established legal principles and precedents to conclude that the transfer did not amount to a sale or transfer under the Act. Additionally, the court determined that section 155(5) was inapplicable in this case as the transfer was not made by the assessee to whom the development rebate was granted initially. The court ruled in favor of the assessee, finding the Income Tax Officer's order under section 155(5) to be erroneous. Case-Laws Income Tax Mon, 16 Jul 1984 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=27402