1992 (10) TMI 23 - HC - Income Tax

Summary

The High Court of Karnataka ruled that extraction of granite from a quarry, cutting it into various sizes, and polishing it qualifies as manufacturing or production for investment allowance under section 32A of the Income-tax Act, 1961. The decision was based on the principle established in Shankar Construction Co. v. CIT [1991] 189 ITR 463 (Kar). The court's decision was in favor of the taxpayer.