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2006 (3) TMI 107 - MADRAS HIGH COURTInvestment allowance reserve account – utilization - we are of the view that the acquisition of the ships could not be held to have been made by utilising the investment allowance reserve which came to be created much later. A non-existent reserve could not be said to have been utilised. - Therefore, we find no error or infirmity in the order of the Tribunal and hence we hold that the orders of the lower authority in all these years as regards the withdrawal of the benefit given under section 32A by invoking the provisions of section 154 r.w.s. 155(4A) is in accordance with law
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