https://www.taxtmi.com/caselaws?id=238626 The court held that the assessees were entitled to the investment allowance under section 32A of the Income-tax Act for the relevant assessment years, despite using synthetic essences in the manufacture of aerated waters. The court concluded that the Explanation clarifying the definition of "blended flavouring concentrates" should not have retrospective effect to deny the investment allowance. Additionally, the court upheld the deletion of interest disallowance, finding no nexus between borrowed funds and the advances made by the assessee to its subsidiary. Both issues were decided in favor of the assessee, and the cases were disposed of without costs. en-us Fri, 06 Jan 2012 00:00:00 +0530 Thu, 26 Nov 2015 17:01:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=238626 The court held that the assessees were entitled to the investment allowance under section 32A of the Income-tax Act for the relevant assessment years, despite using synthetic essences in the manufacture of aerated waters. The court concluded that the Explanation clarifying the definition of "blended flavouring concentrates" should not have retrospective effect to deny the investment allowance. Additionally, the court upheld the deletion of interest disallowance, finding no nexus between borrowed funds and the advances made by the assessee to its subsidiary. Both issues were decided in favor of the assessee, and the cases were disposed of without costs. Case-Laws Income Tax Fri, 06 Jan 2012 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=238626