2000 (4) TMI 8 - HC - Income Tax

Summary

The High Court of Jammu and Kashmir dismissed the application seeking a reference to the Income-tax Appellate Tribunal regarding the grant of investment allowance on a transformer used for producing alcoholic drinks. The court ruled in favor of the Revenue, stating that the assessee was not entitled to the investment allowance based on a previous decision. The Tribunal's decision to allow the investment allowance was deemed erroneous.