https://www.taxtmi.com/caselaws?id=191633 The High Court affirmed the Tribunal's decision, ruling that the assessee was entitled to investment allowance under section 32A of the Income-tax Act, 1961. The Court clarified that assets leased out temporarily for business purposes still qualify as "wholly used for the purpose of the business." It was held that the leasing arrangement did not disqualify the assessee from claiming the investment allowance, as the assets were still being utilized for business activities. The judgment favored the assessee, emphasizing that the temporary leasing was a legitimate business activity, with no order as to costs. en-us Mon, 20 Dec 1993 00:00:00 +0530 Mon, 10 Apr 2017 15:04:41 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=191633 The High Court affirmed the Tribunal's decision, ruling that the assessee was entitled to investment allowance under section 32A of the Income-tax Act, 1961. The Court clarified that assets leased out temporarily for business purposes still qualify as "wholly used for the purpose of the business." It was held that the leasing arrangement did not disqualify the assessee from claiming the investment allowance, as the assets were still being utilized for business activities. The judgment favored the assessee, emphasizing that the temporary leasing was a legitimate business activity, with no order as to costs. Case-Laws Income Tax Mon, 20 Dec 1993 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=191633