1998 (4) TMI 39 - HC - Income Tax

Summary

The High Court of Madras ruled in favor of the assessee, stating that the lessor of equipment is entitled to investment allowance under section 32A of the Income-tax Act, even if the equipment is leased out and not used directly by the lessor. The Tribunal's decision was upheld based on previous Supreme Court rulings. The assessee was awarded costs of Rs. 500.