1989 (3) TMI 98 - HC - Income Tax

Summary

The High Court of Punjab and Haryana ruled in favor of the assessee's claim for investment allowance regarding additions made in the machinery account during the assessment year 1978-79. The Court held that creating the reserve for investment allowance before the assessment was made fulfilled the condition, allowing the claim under section 32A(4)(ii) of the Income-tax Act, 1961. The decision was based on previous court rulings and was in favor of the assessee, with no costs awarded.