1980 (11) TMI 1

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....-The Commissioner of Income-tax has prayed for a direction to the Tribunal to state a case and refer the following question of law arising out of the order of the Tribunal in appeal . " Whether, on the facts and in the circumstances of the case, the Appellate Tribunal was right in cancelling the order of the Income-tax Officer withdrawing the development rebate already allowed for the assessmen....

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....e proprietor converts the business into partnership by taking in other persons, there is no transfer involved either of the business or the assets thereof. On that ground, they disagreed with the ITO's action under s. 155(5) of the Act. This court had had occasion to consider the jural position in cares where a sole proprietorship of a business gets converted into partnership and the person who....

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.... petition on the ground that no referable question of law arises out of the order of the Tribunal. Learned counsel for the Department submitted that in Malabar Fisheries Co. v. CIT [1979] 120 ITR 49 (SC), the Supreme Court had left open the question whether any transfer is involved when a sole proprietor converts his business into a partnership business and thereby renders the assets of the sol....