1999 (11) TMI 43

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..... ts order dated August 1, 1994, in respect of the assessment year 1985-86. "1. Whether, on the facts and in the circumstances of the case, the Tribunal was right in holding that the assessee is entitled to investment allowance under section 32A on the plant and machineries leased by it to other concerns, which although being used by such other concerns in the manufacture or production of articles .....

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..... Officer to allow the claim of investment allowance. The Department appealed before the Tribunal. The matter was considered by the apex court in CIT v. Shaan Finance (P.) Ltd. [1998] 231 ITR 308, wherein it was observed that when machinery is given on hire by the owner it is business income. The owner is also entitled to depreciation on the machinery so hired out. The hirer, on the other hand, who .....

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