https://www.taxtmi.com/caselaws?id=14209 The court ruled in favor of the assessee, holding that the distribution of assets on the dissolution of a partnership firm does not contravene the provisions of section 32A(5)(c) of the Income-tax Act regarding the investment allowance. The judgment emphasized that the distribution of assets among partners post-dissolution does not trigger the withdrawal of the investment allowance, as it does not constitute a transfer of assets by the dissolved firm. The decision aligned with a Supreme Court precedent and clarified that the distribution of assets among partners in such circumstances does not violate the specified purposes under the Act. en-us Wed, 07 Feb 2001 00:00:00 +0530 Tue, 14 Jul 2009 13:56:56 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=14209 The court ruled in favor of the assessee, holding that the distribution of assets on the dissolution of a partnership firm does not contravene the provisions of section 32A(5)(c) of the Income-tax Act regarding the investment allowance. The judgment emphasized that the distribution of assets among partners post-dissolution does not trigger the withdrawal of the investment allowance, as it does not constitute a transfer of assets by the dissolved firm. The decision aligned with a Supreme Court precedent and clarified that the distribution of assets among partners in such circumstances does not violate the specified purposes under the Act. Case-Laws Income Tax Wed, 07 Feb 2001 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=14209