https://www.taxtmi.com/highlights?id=76466 Investment allowance u/s 32AC - claim disallowed as assessee do not fulfill the requisite condition - The ITAT sided with the assessee, affirming that the activities of blending lubricant oil qualified as "manufacture" or "production", thus making them eligible for investment allowance under Section 32AC. The Tribunal found the Revenue's interpretation of the term "manufacture" too narrow and not in line with the legislative intent or judicial precedents that recognize a broader understanding of "production". en-us Tue, 09 Apr 2024 14:07:19 +0530 Tue, 09 Apr 2024 14:07:19 +0530 TaxTMI RSS Generator https://www.taxtmi.com/highlights?id=76466 Investment allowance u/s 32AC - claim disallowed as assessee do not fulfill the requisite condition - The ITAT sided with the assessee, affirming that the activities of blending lubricant oil qualified as "manufacture" or "production", thus making them eligible for investment allowance under Section 32AC. The Tribunal found the Revenue's interpretation of the term "manufacture" too narrow and not in line with the legislative intent or judicial precedents that recognize a broader understanding of "production". Highlights Income Tax Tue, 09 Apr 2024 14:07:19 +0530 https://www.taxtmi.com/highlights?id=76466