1999 (8) TMI 56 - HC - Income Tax

Summary

The High Court of Calcutta ruled that the assessee company was not entitled to investment allowance as it was not considered an industrial undertaking under the Income-tax Act, 1961. The Tribunal upheld the decision of the Commissioner of Income-tax (Appeals) to disallow the investment allowance claimed by the assessee. The court answered the questions in the negative, favoring the Revenue and denying the benefit to the assessee.