https://www.taxtmi.com/caselaws?id=38390 The court upheld the Tribunal's decision that the order under Section 155(5) of the Income-tax Act, 1961, withdrawing the development rebate on a polygraph off-set machine for the assessment year 1962-63 was not justified. It was found that the reconstitution of the firm did not amount to a transfer of assets as the firm continued to be operated by the same individuals in a different structure. The court emphasized that there was no sale involved, and the reconstitution merely formalized the existing partnership structure. The assessee's appeal was allowed, ruling in favor of the assessee with no order as to costs. en-us Wed, 03 Nov 1976 00:00:00 +0530 Tue, 06 Apr 2010 10:06:47 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=38390 The court upheld the Tribunal's decision that the order under Section 155(5) of the Income-tax Act, 1961, withdrawing the development rebate on a polygraph off-set machine for the assessment year 1962-63 was not justified. It was found that the reconstitution of the firm did not amount to a transfer of assets as the firm continued to be operated by the same individuals in a different structure. The court emphasized that there was no sale involved, and the reconstitution merely formalized the existing partnership structure. The assessee's appeal was allowed, ruling in favor of the assessee with no order as to costs. Case-Laws Income Tax Wed, 03 Nov 1976 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=38390