https://www.taxtmi.com/caselaws?id=9567 The High Court of Gujarat upheld the Tribunal's decision, ruling in favor of the assessee's entitlement to investment allowance for plant and machinery used in manufacturing bread, biscuits, and cakes. The Court found that the assessee met all conditions under section 32A of the Income-tax Act, 1961, including creating a statutory reserve and ensuring the produced goods were distinct from raw materials. The Court affirmed that the activity resulted in the raw material losing its original identity, qualifying for investment allowance. Consequently, the Court disposed of the reference without costs in favor of the assessee. en-us Thu, 13 Oct 2005 00:00:00 +0530 Sat, 27 Jun 2009 15:55:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=9567 The High Court of Gujarat upheld the Tribunal's decision, ruling in favor of the assessee's entitlement to investment allowance for plant and machinery used in manufacturing bread, biscuits, and cakes. The Court found that the assessee met all conditions under section 32A of the Income-tax Act, 1961, including creating a statutory reserve and ensuring the produced goods were distinct from raw materials. The Court affirmed that the activity resulted in the raw material losing its original identity, qualifying for investment allowance. Consequently, the Court disposed of the reference without costs in favor of the assessee. Case-Laws Income Tax Thu, 13 Oct 2005 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=9567