https://www.taxtmi.com/caselaws?id=37814 The High Court of Karnataka held that the development rebate claim of the assessee was not allowable as the conversion of individual assets into partnership assets constituted a transfer under Section 34(3)(b) of the Income-tax Act, 1961. This disentitled the assessee from claiming the development rebate. The court ruled in favor of the department for one case and against the assessee for another, with no costs awarded. en-us Tue, 12 Sep 1978 00:00:00 +0530 Thu, 01 Apr 2010 12:19:18 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=37814 The High Court of Karnataka held that the development rebate claim of the assessee was not allowable as the conversion of individual assets into partnership assets constituted a transfer under Section 34(3)(b) of the Income-tax Act, 1961. This disentitled the assessee from claiming the development rebate. The court ruled in favor of the department for one case and against the assessee for another, with no costs awarded. Case-Laws Income Tax Tue, 12 Sep 1978 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=37814