Commiioner Of Income Tax vs Hico Product(P) Ltd.

Authority: Supreme Court Date: 1999-02-04 AY: 1971-72, 1972-73, 1973-74, 1974-75, 1975-76, 1976-77, 1977-78, 1978-79 Section: 32(1), 35(2)(iv) Acts: Income Tax Act 1961 Result: Revenue Citation: (2001) 166 CTR (C) 403 : (2001) 247 ITR 797 (C) : (2001) 116 TAXMAN 373 (C) Justices: M. rinivaan & U.C. Banerjee, JJ. Appeal No: Civil Appeal No. 2348 & 2349 of 1992*
Whether the assessee was entitled to claim depreciation on assets used for scientific research under sections 32(1) and 35(2)(iv) of the Income Tax Act, 1961 --- Held No, in favour of the Revenue, following the precedent set in Escorts Ltd. vs. Union of India & Ors.

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