High Court directs Appellate Tribunal to seek clarity on equipment leasing classification and investment allowance eligibility.

The High Court of Allahabad directed the Appellate Tribunal to refer questions regarding the classification of letting out equipment as an industrial undertaking and eligibility for investment allowance under section 32A of the Income Tax Act for consideration.

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The High Court of Allahabad heard a case where questions of law arose regarding whether the business of letting out on hire certain equipment could be considered an industrial undertaking and if the assessee was entitled to investment allowance under section 32A of the Income Tax Act. The court directed the Appellate Tribunal to refer these questions to the court for consideration.

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