1986 (5) TMI 60

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....dt. 31st Aug., 1981. The assessee has now moved a miscellaneous petition against the above order stating that the assessee had claimed investment allowance of Rs. 1,05,035 on the addition of machinery of Rs. 4,20,140 calculated at 25 per cent for being carried forward under s. 72A to be adjusted against the income in the subsequent years. A note to this effect was given in the depreciation chart a....

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....75 per cent of the actual allowable investment allowance. 2. On appeal, the AAC disallowed the investment allowance and on further appeal, the Tribunal allowed the claim of the assessee but the figure adopted was Rs. 78,776. 3. The assessee has now moved a miscellaneous petition against the above order of the Tribunal praying that the investment allowance was allowable at Rs. 1,05,035 instea....

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....e either in the order of the Tribunal or the lower authorities as the claim made by the assessee was Rs. 78,776. At the same time, it cannot be denied that the investment allowance due is Rs. 1,05,035 being 25 per cent of the value of the machinery. One of the conditions is that the assessee should create reserve equivalents to 75 per cent of the investment allowance admissible. That reserve has b....