IN THE HIGH COURT OF JUDICATURE AT BOMBAY IN THE HIGH COURT OF JUDICATURE AT BOMBAY IN THE HIGH COURT OF JUDICATURE AT BOMBAY ORDINARY ORDINARY ORDINARY ORIGINAL CIVIL JURISDICTION ORIGINAL CIVIL JURISDICTION ORIGINAL CIVIL JURISDICTION INCOME TAX REFERENCE NO.368 OF 1998 INCOME TAX REFERENCE NO.368 OF 1998 INCOME TAX REFERENCE NO.368 OF 1998 The Commissioner of Income-tax ..Applicant. V/s. M/s.Jaybharat Credit & Investment Co.Ltd. ..Respondent. Mr.A.S.Rao for applicant. CORAM : V.C. DAGA AND CORAM : V.C. DAGA AND CORAM : V.C. DAGA AND J.P.DEVADHAR, JJ. J.P.DEVADHAR, JJ. J.P.DEVADHAR, JJ. DATED : 21ST MARCH, 2005. DATED : 21ST MARCH, 2005. DATED : 21ST MARCH, 2005. P.C. :- P.C. :- P.C. :- 1. Heard the learned counsel for the applicant. The Tribunal has referred the question for the opinion of this Court reading as under :- " Whether, on the facts and in the circumstances of the case, the Tribunal was right in law in holding that the assessee is entitled to investment allowance under section 32A of the Income-tax Act on the plant and machinery which have been leased by the assessee and was not used for its own manufacturing business ? " . The above question has already been answered by the Apex Court in the case of C.I.T. V/s. Shaan Finance C.I.T. V/s. Shaan Finance C.I.T. V/s. Shaan Finance (P) Ltd. [(1998) 231 I.T.R. 308 (S.C.) (P) Ltd. [(1998) 231 I.T.R. 308 (S.C.) (P) Ltd. [(1998) 231 I.T.R. 308 (S.C.) in the affirmative i.e. in favour of the assessee and against the revenue. In this view of the matter, reference stands disposed of in terms of that Judgment with no order as to costs. (V.C. DAGA, J.) (V.C. DAGA, J.) (V.C. DAGA, J.) (J.P.DEVADHAR, J.) (J.P.DEVADHAR, J.) (J.P.DEVADHAR, J.)