https://www.taxtmi.com/caselaws?id=55723 The Tribunal upheld the CIT(A)'s decision, ruling that the investment allowance withdrawal was unwarranted as the reserve was genuinely utilized for new machinery purchase within the prescribed period. The judgment emphasized that subsequent accounting entries, whether debiting the reserve or crediting partners' accounts, do not affect allowance retention if the reserve was appropriately used for the intended purpose. Therefore, all appeals were dismissed, affirming the assessee's position regarding the investment allowance reserve utilization. en-us Thu, 02 Dec 1993 00:00:00 +0530 Mon, 29 Nov 2010 16:36:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=55723 The Tribunal upheld the CIT(A)'s decision, ruling that the investment allowance withdrawal was unwarranted as the reserve was genuinely utilized for new machinery purchase within the prescribed period. The judgment emphasized that subsequent accounting entries, whether debiting the reserve or crediting partners' accounts, do not affect allowance retention if the reserve was appropriately used for the intended purpose. Therefore, all appeals were dismissed, affirming the assessee's position regarding the investment allowance reserve utilization. Case-Laws Income Tax Thu, 02 Dec 1993 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=55723