https://www.taxtmi.com/caselaws?id=9953 The court ruled in favor of the Revenue regarding the utilization of reserves for purchases made in earlier years, upholding the withdrawal of investment allowance for ships acquired before the creation of the reserve. However, the court favored the assessee in the case of a dredger acquisition, allowing eligibility for investment allowance as the dredger was purchased using previously created reserves. The court emphasized adherence to section 32A statutory requirements, resulting in a mixed outcome for the assessee. en-us Tue, 21 Mar 2006 00:00:00 +0530 Fri, 03 Jul 2009 17:48:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=9953 The court ruled in favor of the Revenue regarding the utilization of reserves for purchases made in earlier years, upholding the withdrawal of investment allowance for ships acquired before the creation of the reserve. However, the court favored the assessee in the case of a dredger acquisition, allowing eligibility for investment allowance as the dredger was purchased using previously created reserves. The court emphasized adherence to section 32A statutory requirements, resulting in a mixed outcome for the assessee. Case-Laws Income Tax Tue, 21 Mar 2006 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=9953