2001 (12) TMI 37 - HC - Income Tax

Summary

The High Court of Madras considered a case regarding investment allowance claimed by the assessee for manufacturing tools and dies. The Tribunal allowed the claim for tools and dies but not for machinery used in manufacturing. The Court upheld the Tribunal's decision, clarifying that investment allowance cannot be claimed on both machinery and products manufactured. The Court also ruled in favor of the assessee regarding the creation of adequate reserves.