https://www.taxtmi.com/caselaws?id=16817 The High Court held that a financing and leasing company not engaged in manufacturing could claim investment allowance under section 32A of the Income-tax Act, 1961 for machinery leased out if owned by the assessee and wholly used for business purposes, even if not used for manufacturing. Citing a Supreme Court case, the court clarified that leasing or finance companies providing machinery on hire are covered by section 32A. The matter was remitted to the Tribunal for reconsideration in light of the Supreme Court's ruling. No order as to costs was made. en-us Wed, 10 Jun 1998 00:00:00 +0530 Sat, 12 Sep 2009 13:29:50 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=16817 The High Court held that a financing and leasing company not engaged in manufacturing could claim investment allowance under section 32A of the Income-tax Act, 1961 for machinery leased out if owned by the assessee and wholly used for business purposes, even if not used for manufacturing. Citing a Supreme Court case, the court clarified that leasing or finance companies providing machinery on hire are covered by section 32A. The matter was remitted to the Tribunal for reconsideration in light of the Supreme Court's ruling. No order as to costs was made. Case-Laws Income Tax Wed, 10 Jun 1998 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=16817