Commissioner Of Income Tax vs Narang Dairy Products

Authority: Supreme Court Date: 1996-02-28 AY: 1965-66 Section: 2(47), 33(1)(a), 34(3)(b) Acts: Income Tax Act 1961 Result: Revenue Citation: (1996) 133 CTR (SC) 65 : (1996) 219 ITR 478 (SC) : (1996) 85 TAXMAN 375 Justices: B.P. Jeevan Reddy & K.S. Paripoornan, JJ. Appeal No: Civil Appeal No. 388 of 1978*
Whether leasing of machinery within eight years of acquisition constitutes 'otherwise transferred' under Section 34(3)(b) of the Income Tax Act, 1961, warranting withdrawal of development rebate --- Held Yes

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