1988 (11) TMI 33 - HC - Income Tax

Summary

The High Court of Punjab and Haryana upheld the Income-tax Appellate Tribunal's decision to grant relief of Rs. 14,000 for yarn purchased after the manufacturing activity of the assessee had ceased. The Tribunal's findings supported the assessee's claim for the benefit based on the quantity and value of yarn utilized for manufacturing goods actually exported. The court ruled in favor of the assessee, with each party bearing their own costs.