2001 (9) TMI 4 - SC - Income Tax

Held that mere fact that the machinery had not been used by the assessee for undertaking any manufacturing of its own could not be a ground for denying investment allowance to the assessee - held that tribunal was right in extra shift allowance on the ground that it did not matter whether the assessee who had used the machinery in double shift in one of its own concerns or whether it was the lessee who had used the machinery in double shift in his own concern

Summary

The Supreme Court upheld the High Court's decision in favor of the assessee regarding investment allowance and extra shift allowance. The appeal by the Revenue was dismissed based on precedent set by a previous judgment.