https://www.taxtmi.com/caselaws?id=30845 The court held that the Tribunal erred in its judgment by allowing the assessee to retain the development rebate on the sale of cops and bobbins as scrap, considering them part of the plant and machinery. The court ruled in favor of the Revenue, applying Section 155(5) of the Income-tax Act, 1961, to withdraw the rebate due to the transfer of these items within eight years. Consequently, the court disposed of the reference in favor of the Revenue and against the assessee. en-us Fri, 13 Oct 2006 00:00:00 +0530 Mon, 29 Sep 2008 00:00:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=30845 The court held that the Tribunal erred in its judgment by allowing the assessee to retain the development rebate on the sale of cops and bobbins as scrap, considering them part of the plant and machinery. The court ruled in favor of the Revenue, applying Section 155(5) of the Income-tax Act, 1961, to withdraw the rebate due to the transfer of these items within eight years. Consequently, the court disposed of the reference in favor of the Revenue and against the assessee. Case-Laws Income Tax Fri, 13 Oct 2006 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=30845