1978 (1) TMI 6 - HC - Income Tax

Summary

The High Court of Madras ruled in favor of the assessee regarding the allowance of development rebate on machinery used for manufacturing automobile ancillaries. The court held that the machinery need not be exclusively used for manufacturing items listed in the Fifth Schedule to qualify for the rebate. The decision was based on the machinery being wholly used for the business purpose of the assessee. The court awarded costs to the assessee.