Law: Income Tax Act, 1961

Section: 32A,33(1)

Section 32A of the Income-tax Act, 1961 - Investment allowance - Assessment year 1980-81 - Whether assessee was entitled to investment allowance under section 32A in respect of dumpers used in business of mining operation - Held, yes Circulars and clarifications - Board's Instruction F.No. 202/34/72-IT(A-II), dated 15-3-1975 JUDGMENT R. Jayasimha Babu, J. - The question referred to us at the instance of the Revenue is : "Whether, on the facts and in the circumstances of the case, the Appellate Tribunal was right in law in holding that the assessee is entitled to investment allowance under section 32A in respect of dumpers used in the business of mining operation on contract ?" The assessment year is 1980-81. 2. The assessee which owned dumpers was, during the relevant assessment year, using the same in terms of a contract for the purpose of mining, the contract being with the owner of the mine, Dalmia Magnesite Corporation Ltd. The claim for investment allowance on those dumpers by the assessee was negatived by the Assessing Officer, but was allowed by the Commissioner and the Commissioner's order was upheld by the Tribunal. The Commissioner, in the course of his order, has referred to a circular issued by the Central Board of Direct Taxes and this is what the Commissioner has observed in relation to that circular : "I find that the Central Board of Direct Taxes had occasion to consider the…

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