JUDGMENT
V.P. Mohankumar, J.
The question raised is whether the assessee who is engaged in the business of leasing, hire purchasing and financing of computers, etc., is entitled to claim benefit under section 32A of the Income Tax Act, 1961. In the decision in CIT v. First Leasing Co. of India Ltd. (1995) 216 ITR 455 (Mad), the Madras High Court held that the assessee has used the plant and machinery for its business of manufacture. In view of the said decision, the Tribunal decided against the revenue.
2. In the decision in CIT v. Shaan Finance (P) Ltd. (1998) 231 ITR 308 (SC), the Supreme Court has overruled that decision of the madras High Court. As such, the question is answered in favour of the revenue and against the assessee.
3. This income-tax reference is disposed of as above.