https://www.taxtmi.com/caselaws?id=207332 The High Court ruled in favor of the assessee, holding that the set off of investment allowance does not need to be availed in the first profitable year but can be carried forward. The court found that the creation of a reserve when the investment allowance was claimed was sufficient, in line with relevant amendments and circulars. The appellate authorities' decision to reverse the assessing officer's findings was upheld, emphasizing that reserve creation in a year of loss or insufficient profit is not mandatory. The court dismissed the appeal, affirming the decisions of the lower authorities in favor of the assessee. en-us Tue, 30 Aug 2011 00:00:00 +0530 Thu, 08 Dec 2011 23:35:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=207332 The High Court ruled in favor of the assessee, holding that the set off of investment allowance does not need to be availed in the first profitable year but can be carried forward. The court found that the creation of a reserve when the investment allowance was claimed was sufficient, in line with relevant amendments and circulars. The appellate authorities' decision to reverse the assessing officer's findings was upheld, emphasizing that reserve creation in a year of loss or insufficient profit is not mandatory. The court dismissed the appeal, affirming the decisions of the lower authorities in favor of the assessee. Case-Laws Income Tax Tue, 30 Aug 2011 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=207332