https://www.taxtmi.com/caselaws?id=68986 The Appellate Tribunal ITAT MADRAS-A ruled in favor of the assessee regarding the withdrawal of investment allowance by the ITO under section 155(4) of the Income-tax Act, 1961. The case involved the utilization of the investment allowance for acquiring new plant and machinery, succession of business, and the interpretation of conditions for the grant of investment allowance. The Tribunal held that despite the dissolution of the firm and no acquisition of new machinery in a specific year, the assessee was considered the successor to the business, exempting the withdrawal of the investment allowance. The decision upheld the Commissioner (Appeals)'s order, dismissing the revenue's appeals. en-us Wed, 29 Aug 1984 00:00:00 +0530 Mon, 13 Jun 2011 17:26:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=68986 The Appellate Tribunal ITAT MADRAS-A ruled in favor of the assessee regarding the withdrawal of investment allowance by the ITO under section 155(4) of the Income-tax Act, 1961. The case involved the utilization of the investment allowance for acquiring new plant and machinery, succession of business, and the interpretation of conditions for the grant of investment allowance. The Tribunal held that despite the dissolution of the firm and no acquisition of new machinery in a specific year, the assessee was considered the successor to the business, exempting the withdrawal of the investment allowance. The decision upheld the Commissioner (Appeals)'s order, dismissing the revenue's appeals. Case-Laws Income Tax Wed, 29 Aug 1984 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=68986