1991 (11) TMI 10 - HC - Income Tax

Summary

The High Court of Karnataka ruled on a reference under the Income-tax Act, 1961 for the assessment year 1979-80. Three questions were addressed, with the court ruling in favor of the assessee on all counts. The first question pertained to the deductibility of expenditure for a Dairy Machinery Unit, the second question concerned extra shift allowance for depreciation, and the third question related to depreciation on extra expenditure due to fluctuation in foreign exchange rates. All questions were answered affirmatively in favor of the assessee based on previous judgments.