https://www.taxtmi.com/caselaws?id=60866 The Tribunal upheld the decision of the first appellate authority confirming the withdrawal of the investment allowance under section 155(4A) in relation to assessment year 1980-81. The appeal by the assessee was dismissed as the Tribunal found that the machinery in question was discarded by the assessee's choice and sold as scrap within a short period, leading to the withdrawal of the investment allowance. The Tribunal emphasized the legislative intent behind section 155(4A) to prevent misuse of deductions and the necessity of complying with the conditions under the law to retain such allowances. en-us Thu, 21 May 1992 00:00:00 +0530 Sat, 08 Jan 2011 13:39:09 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=60866 The Tribunal upheld the decision of the first appellate authority confirming the withdrawal of the investment allowance under section 155(4A) in relation to assessment year 1980-81. The appeal by the assessee was dismissed as the Tribunal found that the machinery in question was discarded by the assessee's choice and sold as scrap within a short period, leading to the withdrawal of the investment allowance. The Tribunal emphasized the legislative intent behind section 155(4A) to prevent misuse of deductions and the necessity of complying with the conditions under the law to retain such allowances. Case-Laws Income Tax Thu, 21 May 1992 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=60866