1995 (11) TMI 73 - HC - Income Tax

Summary

The High Court of Allahabad ruled that the assessee was entitled to a higher rate of development rebate at 35% for purchasing a cotton waste plant, as it was engaged in the manufacture of cotton yarn covered under item No. 32 of the Fifth Schedule to the Income-tax Act, 1961. The Tribunal's decision was affirmed, and the question was answered in the affirmative.