Supreme Court Directs Tribunal to Refer Questions on Investment Allowance & Machinery Verification

The Supreme Court allowed the appeal, setting aside the High Court's order, and directed the Tribunal to refer questions of law to the High Court concerning investment allowance under section 32A of the Income-tax Act and the Assessing Officer's verification of machinery used for contract work. The application under section 256(2) of the Income-tax Act was allowed.

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The Supreme Court granted special leave and directed the Tribunal to refer two questions of law to the High Court regarding investment allowance under section 32A of the Income-tax Act and the Assessing Officer's verification of machinery used for contract work. The appeal was allowed, the High Court's order was set aside, and the application under section 256(2) of the Income-tax Act was allowed.

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