TMI Blog2007 (8) TMI 241X X X X Extracts X X X X X X X X Extracts X X X X ..... ed:- 27-8-2007 - M. Y. EQBAL and D. G. R.PATNAIK JJ. JUDGMENT By this reference under section 256(1) of the Income-tax Act, 1961, the following question has been referred to this court: "Whether, on the facts and in the circumstances of the case, the hon'ble Income-tax Appellate Tribunal was justified in law in directing not to withdraw the investment allowance already granted as wrongl ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ginally assessed. Aggrieved by the said order passed by the Assessing Officer, the assessee preferred an appeal before the Commissioner of Income-tax (Appeals). The Commissioner of Income-tax (Appeals) differed with the findings arrived at by the Assessing Officer and allowed the appeal preferred by the assessee against which the Department preferred a second appeal before the Income-tax Appellate ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... lance had never gone below this figure. In the circumstances, we find merit in the contention of learned counsel that the amount was not utilized for any other purpose. It has further been pointed out that the assessee had purchased plant and machinery worth Rs. 4,03,682 during the assessment year 1989-90 thereby utilising the entire amount of reserve created in the assessment year 1986-87. We als ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... hinery. In the assessment year 1989-90. In the facts and circumstances of the case, we are in a with the decision of the Commissioner of Income-tax (Appeals) and decline to interfere with it. The Department's contention is rejected." 4 From a perusal of the aforesaid finding by the Tribunal, it is clear that there was some dispute with regard to the mentioning of the investment allowance in a ..... X X X X Extracts X X X X X X X X Extracts X X X X
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