1996 (7) TMI 63 - HC - Income Tax

Summary

The High Court of Madhya Pradesh ruled in favor of the assessee in an income-tax reference case. The Tribunal was justified in holding that the contract awarded was not a new source of income. The Tribunal's decision to allow depreciation of Poclain machinery for 23 months was also upheld. The court found that the commonality of purpose and management justified the Tribunal's decision. The judgment favored the assessee and ruled against the Revenue.