TMI Blog2004 (9) TMI 58X X X X Extracts X X X X X X X X Extracts X X X X ..... 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 mac ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ation of investment allowance reserve fulfils the requirement of the provisions of section 32A(5) of the Income-tax Act, 1961?" We have heard Sri A. N. Mahajan, learned counsel for the Revenue, and Sri S. P. Gupta, learned senior counsel assisted by Sri S. D. Singh, on behalf of the respondent-assessee. This appeal and other connected appeals relate to the assessment years 1978-79 to 1986-87. ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 9 2,99,605 1979-80 1981-82 25,486 25,486 3,25,091 1980-81 1982-83 3,10,448 3,10,448 6,35,539 1981-82 1983-84 3,57,874 3,57,874 9,93,413 1982-83 1984-85 9,351 9,351 10,02,764 1983-84 1985-86 46,761 46,76 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... Commissioner of Income-tax (Appeals), The Commissioner of Income-tax (Appeals) found that during the assessment year 1988-89 the respondent-assessee had purchased plant and machinery, Which was much more in value than the amount standing in the investment allowance reserve, i.e., the machinery was purchased for Rs. 57,93,122 whereas the amount standing in the investment allowance reserve was only ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... finding of fact cannot be interfered with under section 260A of the Act, which lies only on substantial questions of law and not even on questions of law. In this view of the matter the present appeal does not give rise to any substantial question of law. In any event the provisions of section 32A(5) of the Act have not been contravened. Moreover, the Revenue has not disputed that the respondent ..... X X X X Extracts X X X X X X X X Extracts X X X X
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