https://www.taxtmi.com/caselaws?id=200624 The Tribunal allowed the appeals for the assessment years 1978-79 and 1979-80, and partly allowed the appeal for the assessment year 1980-81. It held that the assessee was entitled to the investment allowance and disagreed with the CIT's directions to withdraw it. The Tribunal upheld the CIT's decision that the assessee did not qualify as an industrial company for tax rate purposes. It found no prejudicial impact on revenue for the assessment year 1979-80 and determined that the CIT should not have revised the assessment order. Additionally, the Tribunal noted technical grounds preventing the CIT from exercising powers under section 263 for the assessment year 1978-79. en-us Fri, 07 Feb 1986 00:00:00 +0530 Sat, 07 Apr 2018 18:29:50 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=200624 The Tribunal allowed the appeals for the assessment years 1978-79 and 1979-80, and partly allowed the appeal for the assessment year 1980-81. It held that the assessee was entitled to the investment allowance and disagreed with the CIT's directions to withdraw it. The Tribunal upheld the CIT's decision that the assessee did not qualify as an industrial company for tax rate purposes. It found no prejudicial impact on revenue for the assessment year 1979-80 and determined that the CIT should not have revised the assessment order. Additionally, the Tribunal noted technical grounds preventing the CIT from exercising powers under section 263 for the assessment year 1978-79. Case-Laws Income Tax Fri, 07 Feb 1986 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=200624