https://www.taxtmi.com/caselaws?id=39275 The High Court of Kerala ruled in favor of the department, upholding the Income-tax Officer's actions under section 147(b) to withdraw the development rebate. The Court clarified that sections 147(b) and 155(5) are not mutually exclusive, allowing the Officer to choose the appropriate provision based on the circumstances. It was determined that in this case, section 155(5) did not apply as the rebate was allowed after the asset transfer. The Court emphasized that section 147(b) enables complete reassessment, while section 155(5) is limited to amending the original assessment for rebate withdrawal. The case was referred back to the Income-tax Appellate Tribunal for further proceedings. en-us Mon, 01 Dec 1975 00:00:00 +0530 Thu, 15 Apr 2010 11:52:12 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=39275 The High Court of Kerala ruled in favor of the department, upholding the Income-tax Officer's actions under section 147(b) to withdraw the development rebate. The Court clarified that sections 147(b) and 155(5) are not mutually exclusive, allowing the Officer to choose the appropriate provision based on the circumstances. It was determined that in this case, section 155(5) did not apply as the rebate was allowed after the asset transfer. The Court emphasized that section 147(b) enables complete reassessment, while section 155(5) is limited to amending the original assessment for rebate withdrawal. The case was referred back to the Income-tax Appellate Tribunal for further proceedings. Case-Laws Income Tax Mon, 01 Dec 1975 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=39275