https://www.taxtmi.com/caselaws?id=59310 The Appellate Tribunal ruled in favor of the assessee, allowing the investment allowance claimed for the assessment year 1980-81. The Tribunal held that the circular issued by the Central Board of Direct Taxes supported the assessee's claim, despite the machinery being purchased in the previous year. The Tribunal emphasized the binding nature of benevolent circulars over judicial decisions, setting aside the Assessing Officer's order and directing the Income Tax Officer to grant the investment allowance as per the relevant circular. en-us Thu, 06 Jul 1989 00:00:00 +0530 Mon, 27 Dec 2010 17:26:17 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=59310 The Appellate Tribunal ruled in favor of the assessee, allowing the investment allowance claimed for the assessment year 1980-81. The Tribunal held that the circular issued by the Central Board of Direct Taxes supported the assessee's claim, despite the machinery being purchased in the previous year. The Tribunal emphasized the binding nature of benevolent circulars over judicial decisions, setting aside the Assessing Officer's order and directing the Income Tax Officer to grant the investment allowance as per the relevant circular. Case-Laws Income Tax Thu, 06 Jul 1989 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=59310