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of <h1>Assessee entitled to allowances for leasing equipment despite not engaged in manufacturing.</h1> 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, ... - 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.
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