COMMISSIONER OF INCOME-TAX versus NARANG DAIRY PRODUCTS
Transfer of withdrawal of machinery exempted from return of development waiver in respect of which the development waiver has been allowed for eight years is otherwise transferred in section 34 (3) (b) for the purpose of business for any specific machinery. The amount leased to a particular customer by means of the return of section 34 (3) developmental waiver means the transfer was valid in the Indian Income Tax Act, 1961, sections 2 (47), 33 and 34.
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