Supreme Court of India
Commissioner of Income-tax, Tamil Nadu v. S. Balasubramanian
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From the headnote
Income-Tax Act, 1961--Sections 33, 34 and 155(5)-Development Rebate-Withdrawal of-Business carried on by Assessee, a Hindu Undivided Family-Development Rebate allowed to assessee on new machinery and plant-Partial Partition of Joint Family properties-New Machinery and Plant, allotted to two coparceners at written down value-Sold by them within eight years of purchase-Held, Development Rebate allowed earlier rightly withdrawn. Section 2(47)-Hindu Undivided Family-Partial Partition-Share allotted to coparcener-Does not amount to transfer. Assessee, a Hindu Undivided Family, carried on business.
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