Cit vs Rollatainers Ltd.
2007 Latest Caselaw 1225 Del

Citation : 2007 Latest Caselaw 1225 Del
Judgement Date : 6 July, 2007

Delhi High Court

Cit vs Rollatainers Ltd. on 6 July, 2007

Bench: M B Lokur, V Gupta

JUDGMENT

1. This is a reference under Section 256(1) of the Income Tax Act, 1961, The following question of law has been referred for our opinion:

Whether, on the facts and in the circumstances of the case, the Income Tax Appellate Tribunal was right in law in holding that the assessed was entitled to investment allowance of Rs. 2,47,907 under Section 32A of the Income Tax Act on items of machinery manufactured by it and given on lease to other parties for earning hire income there from. In fact, such machines are stock-in-trade of the assessed ?

2. The admitted position is that in view of the decision of the Supreme Court in CIT v. Shaan Finance (P) Ltd. , the question of law is required to be answered in the affirmative, in favor of the assessed and against the revenue.

3. The reference is disposed of accordingly.

Download the LatestLaws.com Mobile App