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 ORIGINAL CIVIL JURISDICTION ORDINARY ORIGINAL CIVIL JURISDICTION ORDINARY ORIGINAL CIVIL JURISDICTION INCOME TAX REFERENCE NO. 321 OF 1995 The Commissioner of Income Tax, Bombay .. Applicant V/s. M/s. Hem Holdings & Trading Ltd., Bombay-21 .. Respondent Mr. R.V. Desai, Sr. Advocate with Ms. S.V. Bharucha for the Applicant None present for the Respondent CORAM : S. RADHAKRISHNAN & CORAM : S. RADHAKRISHNAN & CORAM : S. RADHAKRISHNAN & J.P. DEVADHAR, JJ. J.P. DEVADHAR, JJ. J.P. DEVADHAR, JJ. DATED : 28.02.2005 DATED : 28.02.2005 DATED : 28.02.2005 P.C.:- P.C.:- P.C.:- 1. Heard the learned counsel for the Applicant. The substantial question of law referred to reads as under:- "1. Whether on the facts and in the circumstances of the case, the assessee was entitled to investment allowance under Sec. 32 A of the I.T. Act, 1961, in respect of the machinery given on hire/lease to the outsiders including customers?" 2. The learned counsel for the Applicant fairly states that the above question is squarely covered by judgment of the Supreme Court in CIT v. Shaan Finance (P) Ltd. CIT v. Shaan Finance (P) Ltd. CIT v. Shaan Finance (P) Ltd. (1998) 231 ITR 308 (SC) (1998) 231 ITR 308 (SC) (1998) 231 ITR 308 (SC) in favour of the assessee and against the Revenue. Accordingly, the question is answered in the affirmative, in favour of the assessee and against the Revenue. (S. RADHAKRISHNAN, J.) (S. RADHAKRISHNAN, J.) (S. RADHAKRISHNAN, J.) (J.P. DEVADHAR, J.) (J.P. DEVADHAR, J.) (J.P. DEVADHAR, J.)