Law: Income Tax Act, 1961

Section: 32A,154,256

(a) Income-tax----Reference---Investment allowance---Investment allowance whether can be claimed for excavator used at site---Question of law---Indian Income Tax Act, 1961, Ss.32A & 256. (b) Income-tax--- ----Reference---Rectification - of mistakes---In proceeding under S.154 whether Assessing Officer can verify which machinery was used for contract work---Question of law---Indian Income Tax Act. 1961, Ss.154 & 256--­[CIT v. Bhoortnam & Co. (1999) 238 ITR 674 reversed]. Held, reversing the of the High Court, that (i) whether, on the facts and in the circumstances of the case, the Income-tax Appellate Tribunal was correct ire law in allowing investment allowance under section 32A of the Income Tax Act, 1961, on the excavator which was used for excavation of earth at site, and (ii) whether, on the fact and in the circumstances of the case, the Appellate Tribunal was correct in holding that the Assessing Officer could not verify which machinery was used for contract work in proceedings under section 154, were questions of law which had to be referred to the High Court. CIT v.…

Deprecated: trim(): Passing null to parameter #1 ($string) of type string is deprecated in /home/digixyei/sldsystempk.com/view/master-layout/view_case.php on line 492