https://www.taxtmi.com/caselaws?id=258749 The High Court of Bombay ruled in favor of the assessee, holding that the firm was entitled to the deduction under Section 80I of the Income Tax Act, despite using machinery on hire for manufacturing activities. The Court found that ownership of machinery was not a prerequisite for claiming the deduction and rejected the revenue's argument that ownership of the industrial unit was necessary. Additionally, the Court deemed the action of the Commissioner of Income Tax under Section 263 as not sustainable in the circumstances presented. en-us Thu, 09 Apr 2015 00:00:00 +0530 Sat, 18 Apr 2015 22:09:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=258749 The High Court of Bombay ruled in favor of the assessee, holding that the firm was entitled to the deduction under Section 80I of the Income Tax Act, despite using machinery on hire for manufacturing activities. The Court found that ownership of machinery was not a prerequisite for claiming the deduction and rejected the revenue's argument that ownership of the industrial unit was necessary. Additionally, the Court deemed the action of the Commissioner of Income Tax under Section 263 as not sustainable in the circumstances presented. Case-Laws Income Tax Thu, 09 Apr 2015 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=258749