1998 (2) TMI 98 - HC - Income Tax

Summary

The High Court of Calcutta remitted a case back to the Tribunal to determine the purpose of extracting water from underground for eligibility of investment allowance under section 32A of the Income-tax Act, 1961. The court emphasized the need to establish the commercial purpose of the activity before making a decision. The matter was sent back for further consideration with directions to allow parties to present evidence.