1993 (1) TMI 29 - HC - Income Tax

Summary

The High Court of Bombay ruled in favor of the assessee regarding the capitalization of certain expenses for depreciation and development rebate. The Income-tax Appellate Tribunal upheld the capitalization of Rs. 86,799 despite objections from the Revenue, citing divergent views from different High Courts. The Tribunal's decision was supported by a Supreme Court ruling, leading to a judgment in favor of the assessee.