1996 (3) TMI 62 - HC - Income Tax

Summary

The High Court of Madras ruled that the assessee, engaged in civil contract works, is not entitled to investment allowance under section 32A(2) of the Income-tax Act, 1961, for the assessment year 1978-79. The Tribunal's decision to grant the allowance was overturned based on a Supreme Court ruling. The Tribunal was directed to reconsider the jurisdiction issue under section 263 of the Act.