| Citation(s) |
|---|
| 2001 SLG 2266 2001 SLD 2266 (2001) 84 TAX 451 (2000) 243 ITR 181 |
Supreme Court of India
C.A. NOS. 256 TO 261, 3464 TO 3467 OF 1984, JANUARY 15, 1998
MRS. SUJATA V. MANOHAR AND S.S.M. QUADRI, JJ
Ranbir Chandra and B.K. Prasad for the Appellant. A.V. Rangam for the
Respondent
C.A. NOS. 256 TO 261, 3464 TO 3467 OF 1984, JANUARY 15, 1998
MRS. SUJATA V. MANOHAR AND S.S.M. QUADRI, JJ
Ranbir Chandra and B.K. Prasad for the Appellant. A.V. Rangam for the
Respondent
Commissioner of IncomE tax
VS
Vijaya Production (P.) Ltd
Law: Income Tax Act, 1961
Section: 33,256
Law: Income Tax Act, 1961
Section: 33,256
Section 33, read with section 256, of the Income-tax Act, 1961 - Development rebate - Assessment years 1965-66 to 1972-73 - Whether consequent to conversion of assessee's proprietary business into a partnership firm, development rebate, which was already allowed, was to be withdrawn - Held, yes CASE REVIEW Judgment of the Madras High Court in the case of CIT v. Vijaya Productions (P.) Ltd. [1985] 152 ITR 613 reversed. CASES REFERRED TO Sunil Siddharthbhai v. CIT [1985] 156 ITR 509/23 Taxman 14W (SC) and CIT v. Vijaya Productions (P.) Ltd. [1985] 152 ITR 613 (Mad.). JUDGMENT 1. In view of the decision of this Court in the case of Sunil Siddharthbhai v. CIT [1985] 156 ITR 509, the development rebate was correctly withdrawn under section 155(5) of the Income-tax Act, 1961 ('the Act'). The appeals are, therefore, allowed. The High Court was not right in not directing a…
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