2001 (6) TMI 8 - HC - Income Tax

Summary

The High Court of Madras ruled in favor of the assessee for the assessment year 1983-84 under the Income-tax Act, 1961. The court cited the decision in the case of CIT v. Shaan Finance (P.) Ltd. and concluded that the assessee, engaged in leasing earth-moving equipment for industrial activity, is eligible for allowances even if not directly engaged in manufacturing.