Development rebate on plant and machinery.

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....he 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 officer made the necessary verifications and allow the developmen....

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....e 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 immediately initiate action for withdrawing the development re....