1978 (12) TMI 92

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....he AAC of Income-tax, A Range, Coimbatore dt. 24th Oct.,1977 in ITS. Nos. 391-C, 392-C, 394-C 1976-77 on his file, by which he cancelled the orders passed by the ITO, comp. Cir. II, Coimbatore under s. 144 of the IT Act, 1961 for the asst. years 1968-69, 1969-70 and 1970-71, withdrawing the development rebate which had been allowed in the original assessments made for the above mentioned asst. yea....

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....action under s. 155 and by his order dt. 27th March, 1976, he withdrew the development rebate and determined the total income as Rs. 1,22,800, 1,41,550 and Rs. 32,820 respectively. 3. Aggrieved by such orders, assessee preferred appeal to the AAC, contending (i) that there was no transfer involved of the machinery in question by reason of the assessee having converted his proprietary busines....

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....d had been transferred before the expiry of the prescribed period of eight years. It further provides that such re-computation of the income should be made before the expiry of the period of four years, the period being reckoned from the end of the previous year, in which the sale or transfer took place. In the instant case, the proprietary business of the assessee was converted into a partnership....