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TMI Blog1981 (1) TMI 91X X X X Extracts X X X X X X X X Extracts X X X X ..... together and disposed of by a common order. The Revenue is aggrieved with the combined order of the CIT (A) cancelling the ITO's orders under s. 154 for the three assessment years under consideration by which the ITO had withdrawn the development rebate allowed to the assessee firm. 2. We have heard the rival submissions. In our opinion, the conclusion of the CIT (A) is correct even though he ha ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ossible on the issue of withdrawal of development rebate from the assessee firm. It was firstly pointed out on behalf of the assessee that it has been held by the Supreme Court that no transfer is involved when one of the partners of the firm takes over the assets of the business and upon the dissolution of the firm, there is merely distribution or division or allotment of assets to the partners a ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ce upon dissolution. In other words, the argument was that the case of the Revenue could not fall even under the extended definition of 'transfer' given in s. 2(47) of the IT Act. Another contention was also raised that this was not a case where a firm is succeeded to by a company in the business carried on by it as a result of which the firm sells or otherwise transfers its assets to the company. ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... y ship, machinery or plant is sold or otherwise transferred by the assessee to any person. Sec. 33(3) also refers to the situation where the firm sells or otherwise transfers to a Company any of its assets in a specific situation. The concept of an otherwise transfer therefore has already received consideration at the hands of the Supreme Court in the case of Malabar Fisheries. We may also mention ..... X X X X Extracts X X X X X X X X Extracts X X X X
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