Home Case Index All Cases Income Tax Income Tax + HC Income Tax - 2001 (11) TMI HC This
Forgot password New User/ Regiser ⇒ Register to get Live Demo
2001 (11) TMI 15 - HC - Income Tax"Whether, on the facts and in the circumstances of the case, the decision of the Tribunal that the business carried on by the assessee in the manufacture of bus and truck bodies cannot be regarded as production of commercial vehicles falling under item No. 14 of the Ninth Schedule to the Income-tax Act and that the assessee is not entitled to investment allowance on the machinery installed therefor under section 32A of the Act, is lawful?" - What was said by the apex court in the context of the claim for development rebate would also apply to a claim for investment allowance as both these are incentives for encouraging investment in plant and machinery used for the manufacture or production of the things or articles enumerated in the relevant Schedule. - We, therefore, answer the question referred to us in favour of the assessee and against the Revenue.
|