https://www.taxtmi.com/caselaws?id=39724 Where all partners of a continuing firm agreed to vest specific machinery and plant exclusively in some partners, the firm's rights in those assets were extinguished and the transferee partners acquired exclusive rights. That arrangement was treated as a transfer in law, including for the purposes of section 5 of the Transfer of Property Act, 1882, and therefore attracted withdrawal of development rebate under section 155(5)(i) read with section 34(3)(b) of the Income-tax Act, 1961. The ruling distinguished cases concerning distribution of assets on dissolution because the firm here continued and there was no general dissolution-based distribution. en-us Tue, 11 Feb 1975 00:00:00 +0530 Mon, 19 Apr 2010 18:19:10 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=39724 Where all partners of a continuing firm agreed to vest specific machinery and plant exclusively in some partners, the firm's rights in those assets were extinguished and the transferee partners acquired exclusive rights. That arrangement was treated as a transfer in law, including for the purposes of section 5 of the Transfer of Property Act, 1882, and therefore attracted withdrawal of development rebate under section 155(5)(i) read with section 34(3)(b) of the Income-tax Act, 1961. The ruling distinguished cases concerning distribution of assets on dissolution because the firm here continued and there was no general dissolution-based distribution. Case-Laws Income Tax Tue, 11 Feb 1975 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=39724