https://www.taxtmi.com/caselaws?id=16656 The High Court of Bombay ruled in favor of the assessee, confirming their entitlement to a higher development rebate for machinery used in manufacturing heavy duty cranes. The court found that the heavy duty cranes qualified as specialized equipment falling under the category specified in the Income-tax Act, making the business a priority industry eligible for relief under section 80-I. Additionally, the court determined that the heavy duty cranes constituted machinery under section 33, allowing the assessee to claim a development rebate at a rate of 25 percent. en-us Thu, 18 Jun 1998 00:00:00 +0530 Wed, 01 Jun 2016 16:46:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=16656 The High Court of Bombay ruled in favor of the assessee, confirming their entitlement to a higher development rebate for machinery used in manufacturing heavy duty cranes. The court found that the heavy duty cranes qualified as specialized equipment falling under the category specified in the Income-tax Act, making the business a priority industry eligible for relief under section 80-I. Additionally, the court determined that the heavy duty cranes constituted machinery under section 33, allowing the assessee to claim a development rebate at a rate of 25 percent. Case-Laws Income Tax Thu, 18 Jun 1998 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=16656