https://www.taxtmi.com/caselaws?id=186408 The Tribunal, by majority decision, allowed the appeal, holding that the assessee engaged in electroplating is entitled to investment allowance under Section 32A of the Income-tax Act, 1961. The Tribunal determined that electroplating constitutes "manufacture" as it involves multiple stages transforming items into commercially different products with improved qualities. Additionally, ownership of raw materials was deemed irrelevant to eligibility for investment allowance, emphasizing that ownership of machinery used in business operations is the key factor. The Tribunal set aside the Commissioner's order and restored the Investment Tax Officer's decision granting the investment allowance to the assessee. en-us Mon, 30 Sep 1985 00:00:00 +0530 Fri, 16 Sep 2016 16:47:01 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=186408 The Tribunal, by majority decision, allowed the appeal, holding that the assessee engaged in electroplating is entitled to investment allowance under Section 32A of the Income-tax Act, 1961. The Tribunal determined that electroplating constitutes "manufacture" as it involves multiple stages transforming items into commercially different products with improved qualities. Additionally, ownership of raw materials was deemed irrelevant to eligibility for investment allowance, emphasizing that ownership of machinery used in business operations is the key factor. The Tribunal set aside the Commissioner's order and restored the Investment Tax Officer's decision granting the investment allowance to the assessee. Case-Laws Income Tax Mon, 30 Sep 1985 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=186408