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of <h1>High Court rules construction company not industrial for tax assessment despite manufacturing activities.</h1> The High Court of Bombay determined that Oricon Pvt. Ltd., engaged in construction work, did not qualify as an industrial company for tax assessment ... Industrial Company Issues involved: Determination of whether the assessee-company qualifies as an industrial company for taxation purposes.Summary:The High Court of Bombay considered the case of Oricon Pvt. Ltd., a company engaged in construction work and building repairs, to determine its status as an industrial company for tax assessment. The Income-tax Appellate Tribunal referred the question of the company's classification as an industrial company under section 256(1) of the Income-tax Act, 1961. The court noted a previous decision where it was established that the company processed goods during its construction business but still qualified for a lower tax rate despite using sub-contractors. However, the court indicated that in a broader context, it would have ruled against the company based on precedents from earlier cases. The court referenced cases such as CIT v. N. U. C. Pvt. Ltd. and CIT v. Shah Construction Co. Ltd. to support its decision. Additionally, the court mentioned a case where a company engaged in specialized construction work was considered eligible for tax relief under section 84(1) but clarified that it did not apply to the current case. The court emphasized that the main business of the company was construction, with any manufacturing or processing activities being ancillary. The Delhi High Court's decision in a similar case was also cited to support the ruling against the company's classification as an industrial company. Despite the Supreme Court granting leave to appeal a decision from the Delhi High Court, the Bombay High Court upheld its consistent stance and ruled against the assessee-company's claim to be an industrial company. Consequently, the court answered the question in the negative, in favor of the Revenue, and directed the assessee to pay the costs of the reference.
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