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of <h1>Court allows investment allowance for new oxygen plant in iron & steel production under Income-tax Act</h1> The High Court and Tribunal ruled in favor of Partap Steel Rolling Mills, allowing the investment allowance claimed for a new oxygen plant essential in ... Investment Allowance The High Court allowed the investment allowance claimed by Partap Steel Rolling Mills for a new oxygen plant, stating that the oxygen unit was essential for the production of iron and steel. The Tribunal upheld this decision, finding that oxygen was an intermediate article used in the manufacturing process of iron and steel. The court ruled in favor of the assessee, stating that the investment allowance was rightfully claimed under section 32A of the Income-tax Act, 1961.
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