https://www.taxtmi.com/caselaws?id=39167 Distribution of partnership assets on dissolution was not a transfer or sale of machinery in law, because the assets were merely adjusted and allotted among partners according to their rights; the development rebate could not be withdrawn on that basis. The court also held that such allotment did not amount to utilisation of the development rebate reserve for a non-business purpose, since the statutory concept of "utilised" could not be stretched to cover a non-voluntary division of assets on dissolution. The rectification orders withdrawing the rebate were therefore quashed, with consequential relief to the assessee. en-us Wed, 16 Oct 1974 00:00:00 +0530 Tue, 13 Apr 2010 13:37:14 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=39167 Distribution of partnership assets on dissolution was not a transfer or sale of machinery in law, because the assets were merely adjusted and allotted among partners according to their rights; the development rebate could not be withdrawn on that basis. The court also held that such allotment did not amount to utilisation of the development rebate reserve for a non-business purpose, since the statutory concept of "utilised" could not be stretched to cover a non-voluntary division of assets on dissolution. The rectification orders withdrawing the rebate were therefore quashed, with consequential relief to the assessee. Case-Laws Income Tax Wed, 16 Oct 1974 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=39167