Investment allowance under section 32A of the Income-tax Act, 1961-Item 21 of the Ninth Schedule-Textiles made wholly or mainly of cotton-Clarification regarding

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....fication regarding. Circular No. 213 Dated 14/3/1977 To             All Commissioners of Income-tax Sir, Section 32A of the Income-tax Act, 1961, introduced by the Finance Act, 1976, provides for a deduction at a specified rate by way of investment allowance in respect, inter alia, of machinery or plant installed after 31st M....

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....ong other things, in the manufacture or processing of goods, it has been provided therein that if the income attributable to such activities is not less than 51 per cent. of the total income, it would be treated as an "industrial company". Keeping this in view, it can be said that for the purposes of item 21 of the Ninth Schedule to the Income-tax Act, 1961, the cotton content of the textiles manu....