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2004 (12) TMI 42 - GUJARAT HIGH COURTInvestment allowance - Assessing Officer, acting under the provisions of section 155(4A), withdrew the investment allowance originally granted on the ground that, as the firm was dissolved on March 31, 1978, the assets in question had been transferred to the partner, who had taken over the same from the assessee-firm; and the second ground was that, u/s 32A(5)(b), it was not possible for the assessee-firm to utilise the reserve within the statutory period of ten years for purchasing new machinery or plant as required by the section - Tribunal has taken cognizance of the fact that the reserve pertaining to the assessment year 1977-78 was utilised for purchase of machinery in the immediate succeeding accounting period when the assessee was in existence; and the reserve relating to the AY 1978-79 was utilised by the partner, who took over the business for purchasing machinery in the immediate succeeding year. -Tribunal was right holding that investment allowance could not be withdrawn u/s 155(4A)
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