TaxTMI 
TaxTMI 
2017 (11) TMI 1303
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....az, Advocate. SANJIV KHANNA, J. (ORAL): These two appeals under Section 260A of the Income Tax Act, 1961 (Act, for short) are filed by M/s Jupiter Radios (Regd), a partnership firm, relating to AY 1986-87 and AY 1987-88 and were admitted for hearing vide order dated 7th November, 2006, on the following substantial questions of law:- "1. Whether on the facts and in the circumstances of the case,....
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.... under Section 32A/34(3) of the Act in respect of land, building, plant and machinery, etc. 4. However, within eight years of acquisition, in the Assessment Year 1991-92, plant and machinery of value of Rs. 5,20,838/- on which investment allowance/development rebate of Rs. 1,30,210/- had been claimed and allowed in the Assessment Years 1986-87 and 1987-88 was "transferred" to the said Raja Singh.....
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....with the partnership firm. He has referred to decisions of the Supreme Court in Commissioner of Income Tax versus Narang Dairy Products, (1996) 219 ITR 478 (SC) and South India Steel Rolling Mills versus Commissioner of Income Tax, (1997) 224 ITR 654 (SC). 7. We have considered the contentions raised by both the sides and find that in the present case the Tribunal was right in denying benefit of ....
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.... rightly withdrawn benefit of the investment allowance/development rebate by passing an order under Section 155(4A) of the Act, once he came to know that machinery of value of Rs. 5,20,838/- on which the investment allowance/development rebate of Rs. 1,30,210/- was claimed and allowed was "transferred". In the absence of even oral assertion that Raja Singh had continued using and operating the mac....