Supreme Court · 1998 INSC 147 · Decided 20 March 1998
Commissioner of Income Tax, KARNATAKA. Bangalore v. M/S. Shaan Finance (P.) LTD. Bangalore ETC.
- Court
- Supreme Court of India
- Citation
- 1998 INSC 147 · [1998] 2 S.C.R. 367
- Case number
- CIVIL APPEAL No. 7077/1993
- Decided
- 20 March 1998
- Bench
- SUJATA V. MANOHAR, D.P. WADHWA (2-judge bench)
- Outcome
- Dismissed
- Case type
- Civil
- Acts & sections cited
- Income Tax Act Section 32A
Headnote
B Income Tax Act, 1961-Section 32A-lnvestment allowance-Assessee, finance company-Owner of machineries-leased out to manufacturers­ Whether eligible for investment allowance:'-Held, yes-Provision does not C specifY user by assessee. Section 32A(2}(b)-lncome derived by assessee--ln the business be considered as user of machinery for business purposes. Interpretation of statutes-Taxing statutes- Beneficial provision in a­ Full effect to be given to the /anguage--Held, court cannot make good the deficiencies if any. The Respondent-finance company was in the business of purchase of
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