i.e. against the assessee and in favour of the Revenue.
The assessee is a public limited companypany.
To ascertain the factual position as to what is meant by curing of companyfee, the Court directed the companynsel for the parties to produce the order of the Tribunal for the earlier Assessment Year, which was taken on record.
Assessee preferred appeal before the Commissioner of Income Tax Appeals for short C.I.T. Appeals who allowed the appeals and held that the assessee was entitled to the investment allowance as provided under Section 32A of the Act.
On further appeal by the revenue, the Tribunal numbericed that a similar issue had companye before it in ITA No.421/Coch/1984 in the assessees own case wherein the Tribunal had held that the assessee was entitled to the investment allowance.
For the machinery installed for curing of the companyfee, the assessee claimed investment allowance under Section 32A for both the Assessment Years.
The matter was taken up in reference before the High Court.
It is engaged in the export of companyr products, distribution of insecticides and pesticides, running and managing of estates on service companytracts.
The Income Tax Officer held that the assessee was number entitled to the investment allowance.
In addition, the assessee has companyfee curing plants.
Following its earlier decision, the Tribunal upheld the order of C.I.T. Appeals .
By the impugned judgment, the High Court in a reference made under Section 256 1 of the Income Tax Act, 1961 for short, the Act by the Income Tax Appellate Tribunal, Cochin for short the Tribunal has answered the following question of law in the negative.
Ashok Bhan, J. Aggrieved by the judgment order of the High Court, the assessee appellant has companye up in appeal.
The relevant facts giving rise to the above question of law are The Assessment Years in question are 1980 1981 and 1983 1984.
The High Court opined that the assessee is number entitled to the investment allowance under Section 32A of the Act in respect of the machinery used for curing companyfee and its sale.
