https://www.taxtmi.com/caselaws?id=58250 The Tribunal ruled in favor of the assessee, holding that despite the product being termed as varnish, it did not align with the common understanding of varnish under the Eleventh Schedule of the Income-tax Act, 1961. The unique purpose and specialized use of the product in enhancing electrical components distinguished it from traditional varnishes used for decoration or protection. As a result, the assessee was deemed eligible for the investment allowance for the plant and machinery installed during the accounting year, contrary to the department's argument. en-us Wed, 23 May 1984 00:00:00 +0530 Sat, 18 Dec 2010 11:37:56 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=58250 The Tribunal ruled in favor of the assessee, holding that despite the product being termed as varnish, it did not align with the common understanding of varnish under the Eleventh Schedule of the Income-tax Act, 1961. The unique purpose and specialized use of the product in enhancing electrical components distinguished it from traditional varnishes used for decoration or protection. As a result, the assessee was deemed eligible for the investment allowance for the plant and machinery installed during the accounting year, contrary to the department's argument. Case-Laws Income Tax Wed, 23 May 1984 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=58250