https://www.taxtmi.com/caselaws?id=68962 The Tribunal allowed the appeal, holding that the assessee is entitled to the investment allowance under section 32A of the Income-tax Act, 1961. The Tribunal clarified that the machinery need not be used directly by the owner as long as it is utilized for specified purposes by the lessees. The interpretation of "wholly used" was understood to mean fully used for the business carried on by the assessee, promoting the legislative intent of industrialization. Leasing of machinery was deemed to constitute installation by the assessee, emphasizing the encouragement of new machinery use for industrial purposes. The Tribunal distinguished leasing from ownership transfer, affirming eligibility for investment allowance in leasing arrangements. en-us Tue, 30 Nov 1982 00:00:00 +0530 Mon, 04 Apr 2011 12:15:54 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=68962 The Tribunal allowed the appeal, holding that the assessee is entitled to the investment allowance under section 32A of the Income-tax Act, 1961. The Tribunal clarified that the machinery need not be used directly by the owner as long as it is utilized for specified purposes by the lessees. The interpretation of "wholly used" was understood to mean fully used for the business carried on by the assessee, promoting the legislative intent of industrialization. Leasing of machinery was deemed to constitute installation by the assessee, emphasizing the encouragement of new machinery use for industrial purposes. The Tribunal distinguished leasing from ownership transfer, affirming eligibility for investment allowance in leasing arrangements. Case-Laws Income Tax Tue, 30 Nov 1982 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=68962