https://www.taxtmi.com/caselaws?id=58245 The Appellate Tribunal upheld the withdrawal of development rebates on machinery sold below their written down value, rejecting the assessee's argument that the machinery sold as scrap should be exempt from section 155(5) of the Income-tax Act, 1961. The Tribunal ruled that even if the machinery parts were unusable for their original purpose, they still qualified as machinery under the provision, emphasizing the sale within eight years as the determining factor for rebate withdrawal. The decision highlighted the legislative intent to prevent misuse of tax advantages, irrespective of the machinery's condition or utility. en-us Fri, 02 Dec 1983 00:00:00 +0530 Sat, 18 Dec 2010 11:22:38 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=58245 The Appellate Tribunal upheld the withdrawal of development rebates on machinery sold below their written down value, rejecting the assessee's argument that the machinery sold as scrap should be exempt from section 155(5) of the Income-tax Act, 1961. The Tribunal ruled that even if the machinery parts were unusable for their original purpose, they still qualified as machinery under the provision, emphasizing the sale within eight years as the determining factor for rebate withdrawal. The decision highlighted the legislative intent to prevent misuse of tax advantages, irrespective of the machinery's condition or utility. Case-Laws Income Tax Fri, 02 Dec 1983 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=58245