1996 (3) TMI 62

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....erred the following question for the opinion of this court, under section 256(1) of the Income-tax Act, 1961 : " Whether, on the facts and in the circumstances of the case, the Appellate Tribunal is justified in law in holding that the assessee is entitled to investment allowance prescribed under section 32A(2) of the Income-tax Act, 1961, for the assessment year 1978-79 ? " The point for consid....

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....263 of the Act. Now, learned standing counsel appearing for the Department, brought to our notice a decision of the Supreme Court in CIT v. N. C. Budharaja and Co. [1993] 204 ITR 412, wherein the Supreme Court held that when the assessee engaged in construction work, the assessee is not doing any manufacture or processing, and, therefore, is not entitled to investment allowance under section 32A. ....