Supreme Court · 1996 INSC 332 · Decided 28 February 1996
The Commissioner of Income Tax v. M/S. Narang Dairy Products
- Court
- Supreme Court of India
- Citation
- 1996 INSC 332 · [1996] 2 S.C.R. 1168
- Case number
- CIVIL APPEAL No. 388/1978
- Decided
- 28 February 1996
- Bench
- B.P. JEEVAN REDDY, K.S. PARIPOORNAN (2-judge bench)
- Case type
- Civil
- Acts & sections cited
- Income Tax Act Section 2(47), 33, 33(1)(a), 256(2)
Headnote
OF INCOME TAX v. MIS. NARANG DAIRY PRODUCTS FEBRUARY 28, 1996 B [B.P. JEEVAN RADDY AND K.S. PARIPOORNAN, JJ] Income Tax Act, 1961: Sections 2(47), 33((1)(a) and 34(3)(b) Development rebate-Granted for entire machine1y owned by assessee C and used for its business--S:1bsequently pmt of of entire development rebate j~tstified. Development rebate-Entitlement to-Conditions for-Held D Machi1wy or plant must not only be owned but also exclusively used by assessee for the business. Words and Phrases : "Transfer''-"Othe1wise transfe11"ed''-Meaning of-Jn the
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