https://www.taxtmi.com/caselaws?id=27619 Conversion of a sole proprietorship into a partnership, where the same business and machinery continued and the former proprietor became a partner, did not amount to a transfer of the business or its assets. On that basis, withdrawal of development rebate was not justified because the statutory condition for invoking section 155(5) was not satisfied. The Tribunal's view aligned with the settled principle that a mere change in the form of business constitution is not a sale or transfer to a third person, and no referable question of law arose. en-us Mon, 17 Nov 1980 00:00:00 +0530 Mon, 15 Feb 2010 10:38:40 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=27619 Conversion of a sole proprietorship into a partnership, where the same business and machinery continued and the former proprietor became a partner, did not amount to a transfer of the business or its assets. On that basis, withdrawal of development rebate was not justified because the statutory condition for invoking section 155(5) was not satisfied. The Tribunal's view aligned with the settled principle that a mere change in the form of business constitution is not a sale or transfer to a third person, and no referable question of law arose. Case-Laws Income Tax Mon, 17 Nov 1980 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=27619