1998 (9) TMI 33 - HC - Income Tax

Summary

High Court MADRAS ruled on a case involving investment allowance for power supply meter equipment. The Tribunal was justified in considering a new ground under section 263 of the Income-tax Act. The order of assessment did not merge with the order of appeal. The Tribunal was directed to examine the case on its merits. The second question favored the Revenue, while the first question was in favor of the assessee but did not help due to the second question outcome.