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of <h1>Imported Chemical Sales Not Linked to Manufacturing: High Court Rules on Industrial Company Status</h1> <h3>India Leather Corporation Pvt. Limited Versus Commissioner Of Income-Tax</h3> India Leather Corporation Pvt. Limited Versus Commissioner Of Income-Tax - [1989] 179 ITR 179 The High Court of Madras ruled that the profit earned from the sale of imported chemicals was not attributable to the manufacturing activity of the assessee, therefore, the assessee could not be considered an 'industrial company' as defined in the Finance Act 1968. The court held in favor of the Revenue, and the assessee was directed to pay the costs.
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