2007 (8) TMI 241

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....following question has been referred to this court: "Whether, on the facts and in the circumstances of the case, the hon'ble Income-tax Appellate Tribunal was justified in law in directing not to withdraw the investment allowance already granted as wrongly allowed to the assessee-firm as per the provision contained in clause (c) of section 155 (4A) of the Income-tax Act, 1961 ?" 2 Without go....

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....e-tax (Appeals). The Commissioner of Income-tax (Appeals) differed with the findings arrived at by the Assessing Officer and allowed the appeal preferred by the assessee against which the Department preferred a second appeal before the Income-tax Appellate Tribunal at Patna. The Tribunal after considering the facts of the case affirmed the view taken by the Commissioner of Income-tax (Appeals) and....

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....ed for any other purpose. It has further been pointed out that the assessee had purchased plant and machinery worth Rs. 4,03,682 during the assessment year 1989-90 thereby utilising the entire amount of reserve created in the assessment year 1986-87. We also find that in the case of CIT v. Ganges Manufacturing Co. Ltd. [1982] 133 ITR 404 (Cal), the 55 transferred a sum from the development rebate ....

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....peals) and decline to interfere with it. The Department's contention is rejected." 4 From a perusal of the aforesaid finding by the Tribunal, it is clear that there was some dispute with regard to the mentioning of the investment allowance in a particular head. The Tribunal found that the transfer of the investment allowance to the partners' capital account was a mistake and the said credit bal....