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<h1>High Court dismisses application on plant/machinery deductions, upholds tyre-cord classification, and deems brokerage payment genuine.</h1> The High Court of Bombay dismissed the application seeking referral of questions on plant and machinery and brokerage deductions to the Income-tax ... Brokerage, Business Expenditure, Developement Rebate, Rebate At Higher Rate The High Court of Bombay dismissed the application directing the Income-tax Appellate Tribunal to refer questions regarding plant and machinery and brokerage deductions. The Tribunal's decision on tyre-cord being an 'automobile ancillary' was upheld based on factual evidence. The Tribunal also found the brokerage payment genuine and customary in the market, leading to the dismissal of the application. The ruling was in line with the Supreme Court decision in CIT v. Nirlon Synthetic Fibres and Chemicals Ltd. (1981) 130 ITR 14.
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