https://www.taxtmi.com/caselaws?id=55216 The Tribunal upheld the CIT(A)'s decision in a case involving the withdrawal of investment allowance under the IT Act. It ruled that the dissolution of the firm did not constitute a transfer of assets, and the investment allowance reserve was appropriately utilized for purchasing new machinery in subsequent years. The Tribunal concluded that there was no justification for withdrawing the investment allowance granted to the assessee, dismissing the revenue's appeals. en-us Mon, 31 Dec 1990 00:00:00 +0530 Wed, 24 Nov 2010 15:52:32 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=55216 The Tribunal upheld the CIT(A)'s decision in a case involving the withdrawal of investment allowance under the IT Act. It ruled that the dissolution of the firm did not constitute a transfer of assets, and the investment allowance reserve was appropriately utilized for purchasing new machinery in subsequent years. The Tribunal concluded that there was no justification for withdrawing the investment allowance granted to the assessee, dismissing the revenue's appeals. Case-Laws Income Tax Mon, 31 Dec 1990 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=55216