https://www.taxtmi.com/caselaws?id=15422 The High Court held that the business of the assessee-firm, engaged in clearing and shipping agency services, does not qualify as a profession for tax purposes under the Finance Act, 1982, as it does not require specialized intellectual skills. However, the Court ruled in favor of the assessee regarding the entitlement to investment allowance under section 32A of the Income Tax Act, 1961, for leasing machinery for manufacturing purposes, based on a Supreme Court decision supporting the allowance for leasing companies providing machinery for manufacturing specified articles. en-us Tue, 20 Oct 1998 00:00:00 +0530 Thu, 06 Aug 2009 14:02:20 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=15422 The High Court held that the business of the assessee-firm, engaged in clearing and shipping agency services, does not qualify as a profession for tax purposes under the Finance Act, 1982, as it does not require specialized intellectual skills. However, the Court ruled in favor of the assessee regarding the entitlement to investment allowance under section 32A of the Income Tax Act, 1961, for leasing machinery for manufacturing purposes, based on a Supreme Court decision supporting the allowance for leasing companies providing machinery for manufacturing specified articles. Case-Laws Income Tax Tue, 20 Oct 1998 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=15422