1980 (1) TMI 48 - HC - Income Tax

Summary

The High Court of Punjab and Haryana ruled against the assessee's claim for development rebate under section 33(1)(b)(B)(i) of the Income Tax Act, 1961. The court found that the machinery installed by the assessee was not exclusively for manufacturing automobile ancillaries, as claimed, and therefore, the higher rebate rate was not applicable. The Tribunal's decision in favor of the assessee was overturned, and the revenue was awarded costs of Rs. 250.