https://www.taxtmi.com/caselaws?id=70749 The Tribunal dismissed the appeal, upholding the Commissioner's decision to disallow the investment allowance claimed by the assessee for the assessment year 1981-82. It affirmed the Commissioner's jurisdiction under Section 263(1) to revise the assessment order and confirmed the retrospective application of the Explanation to Section 263(1) introduced by the Finance Act, 1988. The Tribunal held that the assessee's activities did not qualify for investment allowance under Section 32A as they did not involve the production of a new article or thing, as required by the law. en-us Mon, 02 Jan 1989 00:00:00 +0530 Tue, 19 Apr 2011 10:35:26 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=70749 The Tribunal dismissed the appeal, upholding the Commissioner's decision to disallow the investment allowance claimed by the assessee for the assessment year 1981-82. It affirmed the Commissioner's jurisdiction under Section 263(1) to revise the assessment order and confirmed the retrospective application of the Explanation to Section 263(1) introduced by the Finance Act, 1988. The Tribunal held that the assessee's activities did not qualify for investment allowance under Section 32A as they did not involve the production of a new article or thing, as required by the law. Case-Laws Income Tax Mon, 02 Jan 1989 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=70749