WILSON INDUSTRIES Vs. COMMISSIONER OF INCOME TAX

JUDGEMENT

(1.) THE questions referred to us at the instance of the assessee are :

(2.) THE assessment years are 1978-79 to 1981-82.

(3.) THE "assessee" referred to in this provision is the assessee who had claimed and obtained the benefit of investment allowance. THE obligation to utilise the amount credited to the reserve is on that assessee who has claimed and received that benefit and who had created the reserve. When that assessee ceased to exist within the period of ten years, it would be impossible to utilise that amount within the period specified in that section as that amount had remained unutilised even at the time of dissolution. THE withdrawal of the investment allowance directed by the Tribunal is in accordance with law. THE second question referred is, therefore, also answered in favour of the Revenue and against the assessee.