Assessee entitled to allowances for leasing equipment despite not engaged in manufacturing.

The High Court of Madras ruled in favor of the assessee for the assessment year 1983-84 under the Income-tax Act, 1961. The court held that the assessee, involved in leasing earth-moving equipment for industrial activity, is entitled to allowances despite not being directly engaged in manufacturing, referencing the case of CIT v. Shaan Finance (P.) Ltd.

---

---

The High Court of Madras ruled in favor of the assessee for the assessment year 1983-84 under the Income-tax Act, 1961. The court cited the decision in the case of CIT v. Shaan Finance (P.) Ltd. and concluded that the assessee, engaged in leasing earth-moving equipment for industrial activity, is eligible for allowances even if not directly engaged in manufacturing.

---