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2008 (2) TMI 284 - HC - Income TaxAmount credited to the investment allowance reserve account utilized for purchase of plant and machinery – amount in reserve credited to capital accounts of partners is not relevant - ITAT was right in holding that by crediting the partners, capital account by the amount standing to the credit of the investment allowance reserve account does not result in distribution by way of profit of such reserve - no violation of section 32A(5) - investment allowance cannot be withdrawn
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