First Leasing Co. Of India Ltd. vs Income-Tax Officer on 30 November, 1982
Therefore, these orders can help the assessee only on one the part of the controversy which we have already decided in favour of the assessee by following the judgment of the Tribunal in the case of First Leasing Co. of India Ltd. (supra). We are, however, of the opinion that the ultimate user of the kolhus and pans by the farmers cannot be described as their user in an industrial undertaking for the purposes of business. We, therefore, hold that the assessee was not entitled to investment allowance in respect of kolhus and pans which the assessee hired out to farmers and by which the farmers only carried out agricultural operation of extracting juice from sugarcane and boiling such juice for its conversion into guran agricultural produce. We, therefore, set aside the order under appeal and restore the Assessing Officer's order. The appeal is allowed.