1998 (12) TMI 30 - HC - Income Tax

Summary

The High Court of Madras ruled in favor of the assessee, a private limited company, allowing their claim for investment allowance on purchase and installation of cameras, laboratory machines, and equipment. The court held that the assessee, engaged in processing and drying plant for cinematograph films, was entitled to investment allowance under section 32A of the Income-tax Act, 1961. The court referred to a similar case in Andhra Pradesh where the assessee was allowed to claim investment allowance, supporting the decision in favor of the assessee against the Revenue.