https://www.taxtmi.com/caselaws?id=180788 The Punjab and Haryana High Court ruled in favor of the assessee, allowing the investment allowance on income from leased plant and machinery under Section 32A of the Income Tax Act, 1961 for the assessment year 1983-84. The Court held that if the income from lease is assessed under the head of 'income from business and profession,' then the investment allowance is admissible, citing relevant judgments, including a Supreme Court decision in Commissioner of Income-Tax Vs. Shan Finance (P) Ltd. The Court's decision favored the assessee, resolving the matter against the revenue. en-us Fri, 17 Aug 2007 00:00:00 +0530 Fri, 01 Apr 2016 18:04:28 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=180788 The Punjab and Haryana High Court ruled in favor of the assessee, allowing the investment allowance on income from leased plant and machinery under Section 32A of the Income Tax Act, 1961 for the assessment year 1983-84. The Court held that if the income from lease is assessed under the head of 'income from business and profession,' then the investment allowance is admissible, citing relevant judgments, including a Supreme Court decision in Commissioner of Income-Tax Vs. Shan Finance (P) Ltd. The Court's decision favored the assessee, resolving the matter against the revenue. Case-Laws Income Tax Fri, 17 Aug 2007 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=180788