https://www.taxtmi.com/caselaws?id=28861 The High Court of Madras ruled in favor of the company, M/s. Simpson and Co. Ltd., in an income tax reference case. The company, engaged in constructing bodies for buses and motor trucks, was granted a higher development rebate for newly purchased machinery installed in its plant under the Income Tax Act. The court determined that the machinery used in the process of constructing bodies for buses and motor trucks qualified for the higher development rebate under specific entries in Schedule V. The court held that the company was entitled to the higher rebate and awarded costs to the company. en-us Mon, 22 Nov 1982 00:00:00 +0530 Mon, 08 Mar 2010 12:06:51 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=28861 The High Court of Madras ruled in favor of the company, M/s. Simpson and Co. Ltd., in an income tax reference case. The company, engaged in constructing bodies for buses and motor trucks, was granted a higher development rebate for newly purchased machinery installed in its plant under the Income Tax Act. The court determined that the machinery used in the process of constructing bodies for buses and motor trucks qualified for the higher development rebate under specific entries in Schedule V. The court held that the company was entitled to the higher rebate and awarded costs to the company. Case-Laws Income Tax Mon, 22 Nov 1982 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=28861