https://www.taxtmi.com/caselaws?id=56983 The Tribunal upheld the decisions of the CIT(A) and ITO regarding the withdrawal of investment allowance under section 154 read with section 155(4A) of the Income-tax Act, 1961. The assessee's violation of provisions of section 32A(5)(a) and (b) by selling machinery before the stipulated period and not utilizing the investment allowance reserve for new machinery led to the allowance withdrawal. Additionally, the Tribunal affirmed the ITO's jurisdiction to issue the order, dismissing the appeals and ruling in favor of the authorities' correct application of the law. en-us Wed, 21 Jan 1998 00:00:00 +0530 Tue, 07 Dec 2010 16:31:06 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=56983 The Tribunal upheld the decisions of the CIT(A) and ITO regarding the withdrawal of investment allowance under section 154 read with section 155(4A) of the Income-tax Act, 1961. The assessee's violation of provisions of section 32A(5)(a) and (b) by selling machinery before the stipulated period and not utilizing the investment allowance reserve for new machinery led to the allowance withdrawal. Additionally, the Tribunal affirmed the ITO's jurisdiction to issue the order, dismissing the appeals and ruling in favor of the authorities' correct application of the law. Case-Laws Income Tax Wed, 21 Jan 1998 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=56983