1999 (11) TMI 43 - HC - Income Tax

Summary

The High Court of Karnataka ruled in favor of the assessee, allowing investment allowance on plant and machinery leased to other parties for manufacturing activities. The decision was based on the apex court's judgment stating that the owner is entitled to depreciation on leased machinery, and the hirer can claim hire charges as revenue expenditure. The Tribunal's decision was upheld, and the reference was answered in favor of the assessee.