COMMISSIONER OF INCOME TAX Vs. ROLLATAINERS LTD.
HIGH COURT OF DELHI
COMMISSIONER OF INCOME TAX
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(1.) THIS is a reference under s. 256(1) of the IT 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 Tribunal was right in law in holding that the assessee was entitled to investment allowance of Rs. 2,47,907 under s. 32A of the IT Act on items of machinery manufactured by it and given on lease to other parties for earning hire income therefrom. In fact, such machines are stock -in -trade of the assessee -
(2.) THE admitted position is that in view of the decision of the Supreme Court in CIT vs. Shaan Finance (P) Ltd. (1998) 146 CTR (SC) 110 : (1998) 231 ITR 308 (SC), the question of law is required to be answered in the affirmative, in favour of the assessee and against the Revenue.
The reference is disposed of accordingly.;
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