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2008 (8) TMI 99 - HC - Income TaxAssessee derived income from cold storage and claimed for investment allowance u/s 32A by stating that the assessee is producing chilled air in the cold storage, which amounted to “production of a thing”– industrial undertaking - as a result of long storage, scientific examination might indicate loss of moisture content, that is not sufficient for holding that the stored articles have undergone a process - no processing/manufacturing - Tribunal have rightly denied claim of investment allowance
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