1997 (7) TMI 96 - HC - Income Tax

Summary

The High Court of Andhra Pradesh ruled in favor of the assessee, stating that they are entitled to investment allowance under section 32A of the Income-tax Act. The court found that the activities of the assessee, a registered firm engaged in fabrication work, qualify as those of an industrial company. The Income-tax Officer had initially denied the allowance, but the Court disagreed, citing a previous judgment in a similar case.