https://www.taxtmi.com/caselaws?id=21814 The High Court upheld the Tribunal's decision not to cancel the Commissioner's order under section 263 of the Income-tax Act. It clarified that Rule 115 of the Income-tax Rules does not apply to the valuation of plant and machinery. The Court also ruled that adjustments for exchange rate fluctuations in plant and machinery costs should be made in accordance with section 43A of the Income-tax Act. Furthermore, the Court determined that technical know-how qualifies as "plant" for the purpose of investment allowance under section 32A. The Court found in favor of the assessee, concluding that no further inquiry was necessary. en-us Wed, 08 Aug 1990 00:00:00 +0530 Tue, 01 Dec 2009 16:07:30 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=21814 The High Court upheld the Tribunal's decision not to cancel the Commissioner's order under section 263 of the Income-tax Act. It clarified that Rule 115 of the Income-tax Rules does not apply to the valuation of plant and machinery. The Court also ruled that adjustments for exchange rate fluctuations in plant and machinery costs should be made in accordance with section 43A of the Income-tax Act. Furthermore, the Court determined that technical know-how qualifies as "plant" for the purpose of investment allowance under section 32A. The Court found in favor of the assessee, concluding that no further inquiry was necessary. Case-Laws Income Tax Wed, 08 Aug 1990 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=21814