1980 (11) TMI 1

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..... ribunal 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 assessment years 1965-66 to 1972-73 consequent to the conversion of the asses .....

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..... r 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 was formerly its sole proprietor figures thereafter as a partner alon .....

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..... f 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 sole proprietary concern as the assets of the partnership. But, so long as .....

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