https://www.taxtmi.com/caselaws?id=55435 Investment allowance under section 32A(4) was held available where the statutory reserve was created in substance by debiting the partners' accounts, since that treatment achieved the same effect as a debit to the profit and loss account and satisfied the requirement that profits be carved out and kept apart for the prescribed purpose. The disallowance of travelling expenses, office expenses and karigar tea expenses was also deleted because the items were fully vouched and no contrary challenge was made at hearing, leaving no basis to sustain the addition. en-us Mon, 14 Apr 1986 00:00:00 +0530 Sat, 27 Nov 2010 10:39:40 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=55435 Investment allowance under section 32A(4) was held available where the statutory reserve was created in substance by debiting the partners' accounts, since that treatment achieved the same effect as a debit to the profit and loss account and satisfied the requirement that profits be carved out and kept apart for the prescribed purpose. The disallowance of travelling expenses, office expenses and karigar tea expenses was also deleted because the items were fully vouched and no contrary challenge was made at hearing, leaving no basis to sustain the addition. Case-Laws Income Tax Mon, 14 Apr 1986 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=55435