Commissioner Of Income Tax, Madras vs M/S Lucas T.V.S. Ltd. Padi Chennai

The Supreme Court upheld the decision of the Madras High Court regarding the allowability of investment allowance under Section 32A of the Income Tax Act, 1961, for multiple assessment years. The Court clarified that the investment allowance can be granted in different assessment years based on Section 43A(1) of the Act, rejecting the assessing officer's view that it should only be allowed in one assessment year. Consequently, the appeals were dismissed, affirming the lower court's ruling.