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2010 (7) TMI 208 - HC - Income TaxInvestment allowance - Whether on the facts and in the circumstances of the case, the Tribunal was right in law to hold that the assessee is entitled to investment allowance under section 32A subject to other conditions being satisfied? Held that - if the plant and machinery was mainly used for manufacturing of industrial spirit, the assessee would be entitled to the allowance. After remand by the Tribunal the Assessing Officer had gone into this exercise and had passed a freh assessment order specifically stating that the main activity of the assessee was to manufacture industrial spirit also known as ethylalcohol and rectified spirit. Thus, the assessee would be entitled to the investment allowance.
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