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of <h1>Supreme Court orders reference on investment allowance for granite machinery under Income-tax Act.</h1> <h3>Commissioner Of Income-Tax Versus Mysore Minerals Ltd.</h3> The Supreme Court allowed the Revenue's appeal against the High Court's decision not to call for a reference under section 256(2) of the Income-tax Act, ... Reference, Investment Allowance, Question Of Law Issues involved: Appeal against refusal to call for a reference under section 256(2) of the Income-tax Act, 1961 regarding investment allowance on machinery used in granite extraction and processing.Summary:The Supreme Court heard an appeal by the Revenue against the High Court's decision not to call for a reference under section 256(2) of the Income-tax Act, 1961. The question in consideration was whether investment allowance is permissible on machinery used in the extraction of granite from a quarry, cutting it into various sizes, and polishing it. The High Court had refused the reference citing its previous decision in the case of the assessee itself, which was based on its earlier ruling in Shankar Construction Co. v. CIT. The Supreme Court found that a question of law necessitated the High Court's consideration and allowed the civil appeal, setting aside the previous order and directing the Tribunal to refer the question to the High Court for review, with a statement of case to be prepared. No costs were awarded in this matter.
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