https://www.taxtmi.com/caselaws?id=37810 Dissolution of a partnership firm and distribution of its surplus assets among the partners did not, by itself, amount to the transfer or non-utilisation contemplated by the development rebate withdrawal provision. The court treated the cessation of the firm and takeover of assets by the partners as insufficient to show voluntary misuse of the reserve or use of the machinery otherwise than for the business of the undertaking. The statutory conditions for withdrawal under Section 34(3)(b) read with Section 155(5) of the Income-tax Act, 1961 were therefore not satisfied, and the rebate could not be withdrawn. en-us Thu, 24 Oct 1974 00:00:00 +0530 Thu, 01 Apr 2010 12:12:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=37810 Dissolution of a partnership firm and distribution of its surplus assets among the partners did not, by itself, amount to the transfer or non-utilisation contemplated by the development rebate withdrawal provision. The court treated the cessation of the firm and takeover of assets by the partners as insufficient to show voluntary misuse of the reserve or use of the machinery otherwise than for the business of the undertaking. The statutory conditions for withdrawal under Section 34(3)(b) read with Section 155(5) of the Income-tax Act, 1961 were therefore not satisfied, and the rebate could not be withdrawn. Case-Laws Income Tax Thu, 24 Oct 1974 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=37810