https://www.taxtmi.com/caselaws?id=67463 The Appellate Tribunal upheld the withdrawal of investment allowance granted earlier to an assessee who transferred plant and machinery from a proprietary business to a partnership firm. The Tribunal determined that the transfer to the partnership firm fell within the scope of section 32A, as the plant and machinery were effectively transferred, meeting the conditions specified in the provision. Despite the assessee's arguments based on narrow interpretation and prior utilization of the allowance, the Tribunal found in favor of the authorities, emphasizing the legislative intent behind the provision and dismissing the appeals. en-us Thu, 25 Jun 1987 00:00:00 +0530 Thu, 10 Mar 2011 17:10:01 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=67463 The Appellate Tribunal upheld the withdrawal of investment allowance granted earlier to an assessee who transferred plant and machinery from a proprietary business to a partnership firm. The Tribunal determined that the transfer to the partnership firm fell within the scope of section 32A, as the plant and machinery were effectively transferred, meeting the conditions specified in the provision. Despite the assessee's arguments based on narrow interpretation and prior utilization of the allowance, the Tribunal found in favor of the authorities, emphasizing the legislative intent behind the provision and dismissing the appeals. Case-Laws Income Tax Thu, 25 Jun 1987 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=67463