Development rebate on plant and machinery.

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....ject and to say that another case has come to the notice of the Board where the claim of a company for development rebate relating to assessment year 1964-65 had originally been disallowed by the Income-tax Officer. The assessee went in appeal before the Appellate Assistant Commissioner who directed the Income-tax Officer to verify the claim and allow it in accordance with law. The Income-tax offi....

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....never Income-tax Officer finds on the examination of the balance sheet of a particular year that any machinery or plant has been sold during the year, he should also verify whether development rebate had been allowed in such machinery and plant in any earlier year. If such machinery or plant has been sold or otherwise transferred within eight years of its acquisition, the Income-tax Officer should....