https://www.taxtmi.com/caselaws?id=55062 The Tribunal overturned the Income Tax Officer's decision to withdraw the investment allowance under section 155(4A) of the Act. It held that the withdrawal was unjustified as the reserve had been appropriately utilized for purchasing new machinery, in accordance with the statutory provisions. The Tribunal emphasized that the transfer of reserves to the capital account does not automatically warrant the withdrawal of the investment allowance if the amount is used for the designated business purpose. The appeal was allowed, reinstating the investment allowance for the assessee. en-us Thu, 26 Dec 1991 00:00:00 +0530 Tue, 23 Nov 2010 16:51:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=55062 The Tribunal overturned the Income Tax Officer's decision to withdraw the investment allowance under section 155(4A) of the Act. It held that the withdrawal was unjustified as the reserve had been appropriately utilized for purchasing new machinery, in accordance with the statutory provisions. The Tribunal emphasized that the transfer of reserves to the capital account does not automatically warrant the withdrawal of the investment allowance if the amount is used for the designated business purpose. The appeal was allowed, reinstating the investment allowance for the assessee. Case-Laws Income Tax Thu, 26 Dec 1991 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=55062