Income-Tax Officer vs Sureshchand Jain on 27 March, 1984
The decision of the Special Bench of the Tribunal Delhi Bench 'A' in Mannalal Nirmal Kumar Soorand's case (supra) also dealt with capital gains only. We, therefore, hold that there is no case for withdrawal of development rebate when a partner pools his individual assets as part of his capital with firm's property and that it is neither sale nor a transfer 'otherwise'.