"Sold or otherwise transferred" in s 34(3)(b) of the Income-tax Act, 1961.

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..... h it was clarified that on the dissolution of a firm and formation of a new firm in its place, the benefit of development rebate allowed to the earlier firm is liable to be withdrawn as the case would be covered by the expression "sold or otherwise transferred" occurring in Section 34(3)(b) of the Income-tax Act, 1961. 2. The above instructions have been re-examined in the context of judicial pr .....

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..... firm is dissolved and assets are transferred to a third party, whether an individual or a firm, the development rebate allowed should be withdrawn. 4. In view of the above, Instruction No. 695 dated 29th May 1974 may be treated as modified to the extent indicated above. - Circular - Trade Notice - Public Notice - Instructions - Office orders Tax Management India - taxmanagementindia - taxman .....

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