https://www.taxtmi.com/caselaws?id=58629 Investment allowance on fork lift trucks could not be denied merely because the assessee manufactured aerated waters and fell within Item No. 5 of the Eleventh Schedule. The Explanation inserted by the Finance Act, 1987 was stated to operate from 1-4-1988 and, on the legislative material, from assessment year 1988-89 onwards. In the absence of a clear legislative mandate, the words that the expression "shall include and shall be deemed always to have included" were not sufficient to give the amendment retrospective effect to earlier or pending assessments. The denial of investment allowance was therefore unsustainable, and the assessee was entitled to the allowance on the cost of the fork lift trucks. en-us Mon, 30 Sep 1991 00:00:00 +0530 Tue, 21 Dec 2010 12:41:28 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=58629 Investment allowance on fork lift trucks could not be denied merely because the assessee manufactured aerated waters and fell within Item No. 5 of the Eleventh Schedule. The Explanation inserted by the Finance Act, 1987 was stated to operate from 1-4-1988 and, on the legislative material, from assessment year 1988-89 onwards. In the absence of a clear legislative mandate, the words that the expression "shall include and shall be deemed always to have included" were not sufficient to give the amendment retrospective effect to earlier or pending assessments. The denial of investment allowance was therefore unsustainable, and the assessee was entitled to the allowance on the cost of the fork lift trucks. Case-Laws Income Tax Mon, 30 Sep 1991 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=58629