https://www.taxtmi.com/caselaws?id=49275 Section 10(2)(vib) of the Income-tax Act, 1922 was held not to offend Article 14 because the development rebate condition applied uniformly and any adverse consequence depended on the assessee's own choice to transfer the asset during the prohibited period. The transfer of buses by a company to a partnership firm for consideration was treated as a sale or otherwise transfer within the provision. The section was concerned with the fact of sale or transfer, not with whether the transaction produced profit or was a commercial venture in the narrower sense. The statutory challenge therefore failed and the transfer attracted withdrawal of the rebate. en-us Wed, 06 Oct 1965 00:00:00 +0530 Tue, 19 Aug 2014 19:39:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=49275 Section 10(2)(vib) of the Income-tax Act, 1922 was held not to offend Article 14 because the development rebate condition applied uniformly and any adverse consequence depended on the assessee's own choice to transfer the asset during the prohibited period. The transfer of buses by a company to a partnership firm for consideration was treated as a sale or otherwise transfer within the provision. The section was concerned with the fact of sale or transfer, not with whether the transaction produced profit or was a commercial venture in the narrower sense. The statutory challenge therefore failed and the transfer attracted withdrawal of the rebate. Case-Laws Income Tax Wed, 06 Oct 1965 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=49275