https://www.taxtmi.com/caselaws?id=26199 The court ruled in favor of the taxpayer, allowing the development rebate on the lift installed in a block used for research and development. The court held that the lift qualified as new machinery used for business purposes, falling within the scope of the relevant tax provision. Additionally, the court rejected the disallowance under section 37(2B) of the Income-tax Act for the specified assessment years, following precedent and granting relief to the taxpayer in both issues presented. en-us Wed, 05 Mar 1986 00:00:00 +0530 Wed, 03 Feb 2010 13:45:09 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=26199 The court ruled in favor of the taxpayer, allowing the development rebate on the lift installed in a block used for research and development. The court held that the lift qualified as new machinery used for business purposes, falling within the scope of the relevant tax provision. Additionally, the court rejected the disallowance under section 37(2B) of the Income-tax Act for the specified assessment years, following precedent and granting relief to the taxpayer in both issues presented. Case-Laws Income Tax Wed, 05 Mar 1986 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=26199