2002 (8) TMI 42

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.... referred to us at the instance of the assessee are: "1. Whether, on the facts and in the circumstances of the case, the Tribunal was right in law in admitting the additional ground raised by the Revenue? 2. Whether, on the facts and in the circumstances of the case, the Tribunal was right in law in holding that the investment allowance already allowed for the assessment years 1978-79 to 198....

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....ts assets to one of its partners at the time of dissolution. On appeal, the appellate authority confirmed the order of the Assessing Officer. On further appeal to the Tribunal, the Revenue sought to sustain the disallowance on the ground that section 155(4A)(b) of the Income-tax Act was attracted as the firm, by reason of its dissolution within three years of its formation, has disabled itself fro....

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.... the law has already been declared by the Supreme Court in the decision reported in South India Steel Rolling Mills v. CIT [1997] 224 ITR 654, wherein, the court while considering the withdrawal of the development rebate that had been initially granted to the assessee held that the benefit of development rebate is available only to the assessee which is owning the machinery or plant and is using i....

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....lar. The words used in section 155(4A)(b) of the Act are: "at any time before the expiry of ten years from the end of the previous year in which the ship or aircraft was acquired or the machinery or plant was installed, the assessee does not utilise the amount credited to the reserve account under sub-section (4) of section 32A for the purposes of acquiring a new ship or a new aircraft or new m....