https://www.taxtmi.com/caselaws?id=9476 The High Court ruled against the respondent-company's claim for investment allowance under section 32A of the Income-tax Act, 1961, citing that construction activities did not qualify. However, the court upheld the deletion of the addition made for interest exceeding 15 per cent on deposits, as the Companies (Acceptance of Deposits) Rules were deemed inapplicable to old deposits not renewed or freshly accepted during the relevant period. The judgment clarified the application of investment allowance and the treatment of excess interest on deposits, emphasizing adherence to legal provisions and precedents in tax matters. en-us Fri, 11 Mar 2005 00:00:00 +0530 Tue, 23 Jun 2009 11:15:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=9476 The High Court ruled against the respondent-company's claim for investment allowance under section 32A of the Income-tax Act, 1961, citing that construction activities did not qualify. However, the court upheld the deletion of the addition made for interest exceeding 15 per cent on deposits, as the Companies (Acceptance of Deposits) Rules were deemed inapplicable to old deposits not renewed or freshly accepted during the relevant period. The judgment clarified the application of investment allowance and the treatment of excess interest on deposits, emphasizing adherence to legal provisions and precedents in tax matters. Case-Laws Income Tax Fri, 11 Mar 2005 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=9476