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2004 (9) TMI 58 - ALLAHABAD HIGH COURTUtilisation of investment allowance reserve - "Whether Tribunal was legally correct in holding that mere passing a journal entry mentioning utilisation of investment allowance reserve fulfils the requirement of the provisions of section 32A(5) of the Income-tax Act, 1961?" - Tribunal has recorded a categorical finding that there has been addition to the extent of Rs. 57,93,122 in the fixed assets under the head "Plant and machinery" during the assessment year 1988-89, which exceeded the amount standing in the investment allowance reserve. Thus, the amount in the investment allowance reserve has been used for purchase of plant and machinery and the provisions of section 32A(5) of the Act are not at all attracted - In any event the provisions of section 32A(5) have not been contravened. – no infirmity in tribunal’s order - Revenue appeal dismissed
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