1990 (8) TMI 37 - HC - Income Tax

Summary

The High Court of Bombay dismissed an application under section 256(2) of the Income-tax Act, 1961, regarding the classification of tyre-cord as an 'automobile ancillary' for the purpose of higher development rebate. The court upheld the Tribunal's decision based on evidence and precedent, and ruled that no further action was necessary. (Case citation: 1990 (8) TMI 37 - BOMBAY High Court)