https://www.taxtmi.com/caselaws?id=68066 The appellate tribunal ruled in favor of the assessee, holding that the investment allowance under s. 32A(5) of the IT Act could not be withdrawn upon the dissolution of a partnership firm. The tribunal emphasized that the distribution of assets in such cases should not be deemed a sale or transfer triggering the withdrawal of the investment allowance. Citing legal precedents like the Nipa Twisting Works case, the tribunal set aside the CIT(A)'s order and directed the Assessing Officer to take action in favor of the firm and partners, allowing the appeal. en-us Thu, 17 Nov 1988 00:00:00 +0530 Wed, 16 Mar 2011 17:12:06 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=68066 The appellate tribunal ruled in favor of the assessee, holding that the investment allowance under s. 32A(5) of the IT Act could not be withdrawn upon the dissolution of a partnership firm. The tribunal emphasized that the distribution of assets in such cases should not be deemed a sale or transfer triggering the withdrawal of the investment allowance. Citing legal precedents like the Nipa Twisting Works case, the tribunal set aside the CIT(A)'s order and directed the Assessing Officer to take action in favor of the firm and partners, allowing the appeal. Case-Laws Income Tax Thu, 17 Nov 1988 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=68066