Investment allowance denied under Income-tax Act: High Court rules in favor of Revenue

The High Court of Bombay held that the assessee was not eligible for investment allowance under section 32A of the Income-tax Act, 1961, following the precedent set in CIT v. Deejay Hatcheries [1995] 211 ITR 652. The court ruled against the assessee in favor of the Revenue, with no costs awarded.

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The High Court of Bombay ruled that the assessee was not entitled to investment allowance under section 32A of the Income-tax Act, 1961, based on the decision in CIT v. Deejay Hatcheries [1995] 211 ITR 652. The question referred to the court was answered in the negative and in favor of the Revenue. The reference was disposed of with no order as to costs.

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