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of <h1>Investment allowance denied to civil contract works assessee under Income-tax Act; Tribunal to review jurisdiction.</h1> <h3>Commissioner Of Income-Tax Versus Sri Ranganathar And Company</h3> Commissioner Of Income-Tax Versus Sri Ranganathar And Company - [1997] 224 ITR 75 The High Court of Madras ruled that the assessee, engaged in civil contract works, is not entitled to investment allowance under section 32A(2) of the Income-tax Act, 1961, for the assessment year 1978-79. The Tribunal's decision to grant the allowance was overturned based on a Supreme Court ruling. The Tribunal was directed to reconsider the jurisdiction issue under section 263 of the Act.
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