https://www.taxtmi.com/caselaws?id=21396 The High Court of Karnataka ruled in favor of the assessee, a company that had leased machinery to third parties for manufacturing, regarding the eligibility of investment allowance under section 32A of the Income-tax Act, 1961. The Court held that the machinery, even when leased out, could qualify for the investment allowance if used for manufacturing purposes. This decision aligns with the legislative intent to promote industrial development and incentivize investment in capital goods. The judgment favored the assessee over the Revenue, emphasizing the importance of encouraging industrial activities through statutory provisions. en-us Wed, 04 Nov 1992 00:00:00 +0530 Tue, 24 Nov 2009 11:15:26 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=21396 The High Court of Karnataka ruled in favor of the assessee, a company that had leased machinery to third parties for manufacturing, regarding the eligibility of investment allowance under section 32A of the Income-tax Act, 1961. The Court held that the machinery, even when leased out, could qualify for the investment allowance if used for manufacturing purposes. This decision aligns with the legislative intent to promote industrial development and incentivize investment in capital goods. The judgment favored the assessee over the Revenue, emphasizing the importance of encouraging industrial activities through statutory provisions. Case-Laws Income Tax Wed, 04 Nov 1992 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=21396