1978 (12) TMI 83

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.... on her file, by which she confirmed the order passed by the ITO under s. 155 r/w s. 34(3)(b) of the IT Act, 1961, for the asst. yr. 1968-69. 2. The assessee was carrying on business in hides and skins as sole-proprietor thereof. In the assessment made for the asst. yr. 1968-69 development rebate of Rs. 11,555 had been allowed. The assessee converted the proprietary business into a partnership ....

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.... had become extinguished by reason of the assessee having converted his proprietary business into a partnership business, there was a transfer within the meaning of the expression as defined in s. 2(47) of the IT Act, 1961 and hence development rebate already allowed had been rightly withdrawn. Hence this appeal. 4. It was once again contended before us that there was no transfer involved in th....