https://www.taxtmi.com/caselaws?id=70112 The Tribunal upheld the Revenue authorities' decision, ruling that the acquisition of ships 'M.V. Tamil Periyar' and 'M.V. Tamil Kamaraj' did not constitute utilization of the investment allowance reserve created later. It was determined that the reserve must be created and utilized within the specified period as per Section 32A, and any deviation from this sequence does not comply with statutory requirements. Consequently, the withdrawal of investment allowance for the assessment years 1986-87, 1987-88, and 1994-95 was deemed justified. en-us Fri, 23 Nov 2001 00:00:00 +0530 Thu, 14 Apr 2011 14:09:55 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=70112 The Tribunal upheld the Revenue authorities' decision, ruling that the acquisition of ships 'M.V. Tamil Periyar' and 'M.V. Tamil Kamaraj' did not constitute utilization of the investment allowance reserve created later. It was determined that the reserve must be created and utilized within the specified period as per Section 32A, and any deviation from this sequence does not comply with statutory requirements. Consequently, the withdrawal of investment allowance for the assessment years 1986-87, 1987-88, and 1994-95 was deemed justified. Case-Laws Income Tax Fri, 23 Nov 2001 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=70112