https://www.taxtmi.com/caselaws?id=11766 The court held that the assessee was not entitled to the benefit of investment allowance upon dissolution of the firm, as the distribution of assets and reserve among partners constituted an "otherwise transferred" situation under Section 32A(5) of the Income-tax Act. The court found that the principles from relevant Supreme Court decisions supported the withdrawal of the investment allowance, contrary to the Tribunal's decision. The reference was answered in favor of the Revenue, and no costs were awarded to the assessee. en-us Thu, 25 Jan 2001 00:00:00 +0530 Mon, 08 Feb 2010 11:19:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=11766 The court held that the assessee was not entitled to the benefit of investment allowance upon dissolution of the firm, as the distribution of assets and reserve among partners constituted an "otherwise transferred" situation under Section 32A(5) of the Income-tax Act. The court found that the principles from relevant Supreme Court decisions supported the withdrawal of the investment allowance, contrary to the Tribunal's decision. The reference was answered in favor of the Revenue, and no costs were awarded to the assessee. Case-Laws Income Tax Thu, 25 Jan 2001 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=11766