https://www.taxtmi.com/caselaws?id=71497 The Tribunal allowed the assessee's appeal, determining that the chemical division was set up and commenced business during the assessment year 1985-86. The Tribunal held that the assessee was entitled to investment allowance and depreciation for the new plant and machinery installed in the division. The CIT's decision to withdraw the depreciation and investment allowance was deemed unjustified, as the Tribunal found that the business had been established and operational during the relevant period, supported by the completion of buildings, installation of machinery, and actual production and marketing of the final product. en-us Thu, 23 Feb 1995 00:00:00 +0530 Mon, 25 Apr 2011 12:22:14 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=71497 The Tribunal allowed the assessee's appeal, determining that the chemical division was set up and commenced business during the assessment year 1985-86. The Tribunal held that the assessee was entitled to investment allowance and depreciation for the new plant and machinery installed in the division. The CIT's decision to withdraw the depreciation and investment allowance was deemed unjustified, as the Tribunal found that the business had been established and operational during the relevant period, supported by the completion of buildings, installation of machinery, and actual production and marketing of the final product. Case-Laws Income Tax Thu, 23 Feb 1995 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=71497