https://www.taxtmi.com/caselaws?id=56097 The Tribunal held that the withdrawal of development rebate by the Income Tax Officer (ITO) due to a ship sinking and receiving insurance money was incorrect. It was clarified that the provisions of section 155(5) of the Income-tax Act, 1961, do not apply when assets are lost due to natural events beyond human control. The Tribunal emphasized that for a sale or transfer to occur under section 155(5), there must be consideration and a transferor-transferee relationship, which was lacking in this case. Therefore, the Tribunal set aside the ITO's order and restored the development rebate, allowing the appeal. en-us Wed, 08 Aug 1990 00:00:00 +0530 Wed, 01 Dec 2010 15:47:20 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=56097 The Tribunal held that the withdrawal of development rebate by the Income Tax Officer (ITO) due to a ship sinking and receiving insurance money was incorrect. It was clarified that the provisions of section 155(5) of the Income-tax Act, 1961, do not apply when assets are lost due to natural events beyond human control. The Tribunal emphasized that for a sale or transfer to occur under section 155(5), there must be consideration and a transferor-transferee relationship, which was lacking in this case. Therefore, the Tribunal set aside the ITO's order and restored the development rebate, allowing the appeal. Case-Laws Income Tax Wed, 08 Aug 1990 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=56097