https://www.taxtmi.com/caselaws?id=64698 The Tribunal held that the distribution of machinery among partners upon the dissolution of a firm does not constitute a transfer for the purpose of withdrawing the investment allowance under section 155 of the IT Act. The Tribunal emphasized that legal precedents establish that no transfer of assets occurs in such circumstances, distinguishing between distribution upon dissolution and actual sales or transfers to individual partners. The matter was remanded to the AAC for further review to determine compliance with legal requirements for allowance withdrawal, clarifying that dissolution alone does not trigger automatic withdrawal. The appeals were treated as allowed for statistical purposes. en-us Tue, 24 Feb 1987 00:00:00 +0530 Wed, 09 Feb 2011 13:19:40 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=64698 The Tribunal held that the distribution of machinery among partners upon the dissolution of a firm does not constitute a transfer for the purpose of withdrawing the investment allowance under section 155 of the IT Act. The Tribunal emphasized that legal precedents establish that no transfer of assets occurs in such circumstances, distinguishing between distribution upon dissolution and actual sales or transfers to individual partners. The matter was remanded to the AAC for further review to determine compliance with legal requirements for allowance withdrawal, clarifying that dissolution alone does not trigger automatic withdrawal. The appeals were treated as allowed for statistical purposes. Case-Laws Income Tax Tue, 24 Feb 1987 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=64698