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1998 (3) TMI 4 - SC - Income TaxAssessee at the material time, was a Hindu undivided family of which one Srinivasa Iyer was the karta and his son, the respondent, was a coparcener - on partition of family development rebate allowed for assessment years 1960-61 to 1965-66 was withdrawn by the ITO - held that action of ITO is not justified - since new machinery is wholly used by the assessee for the purpose of his business, Development rebate should be granted - section 155(5) is invokable
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