1992 (4) TMI 7 - SC - Income Tax

Entitlement of the assessee to the investment allowance under section 32A - contention of the assessee ( sic ) in relation to the construction activity carried on by him cannot be said to be an industrial undertaking, becomes irrelevant - original finding of the Tribunal that assessee s machinery was used in the business of construction, manufacture etc., and that the assessee was a industrial undertaking entitled to investment allowance, was not challenged - petition of revenue is dismissed

Summary

The Supreme Court dismissed the special leave petition regarding the entitlement of the assessee to investment allowance under section 32A of the Income-tax Act, 1961. The High Court held that the assessee, a construction company engaged in manufacturing activities, is entitled to the investment allowance as it is considered an industrial undertaking. The Revenue cannot challenge this finding as it was not raised in the reference. The petition was dismissed.