2016 (11) TMI 161

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.... JUDGMENT ( Per : Honourable Mr. Justice KS Jhaveri ) 1. Both these matters involve identical questions on law and facts and are between the same parties. Therefore, they are decided by this common judgment. For the purpose of this judgment, ITR No.01/2008 is taken as the lead matter. 2. The following two questions have been referred by the Income Tax Appellate Tribunal, Ahmedabad Bench ....

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....d by the provisions of Section 32A(5), if one condition in sub-clause (b) is satisfied and the other two conditions as mentioned in sub-clause (a) and clause (c) are not satisfied even then in that case the provisions of Section 155(4)(A) will not be applicable?" 3. Brief facts of the case are that the assessee firm is engaged in the business of dyeing and printing of clothes. The assessee file....

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....passed by the CIT(A). Pursuant to the aforesaid order of the Tribunal, the Revenue filed Reference Applications u/s.256(1) of the Act, which, ultimately, culminated into the present references. 5. At the outset, Mr. S.N. Divatia, learned counsel for the assessee, submitted that the controversy raised in this case stands settled by a Division Bench judgment of this Court in the case of Commissio....

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....the fact that the entry debiting Investment Allowance reserve account and crediting the accounts of the Partners had been made in the Books of Accounts of the assessee. 7. However, it appears that the amount representing Investment Allowance reserve had been, in fact, utilized before the expiry of 10 years for the purchase of new plant and machinery but, the cost of the new plant and machinery ....