Supreme Court affirms reduced tax rates for respondent-assessee
Commissioner of Income-Tax, Bombay Versus Tiecicon Pvt. Limited
Commissioner of Income-Tax, Bombay Versus Tiecicon Pvt. Limited - [1987] 168 ITR 744 (SC) The Supreme Court upheld the decision of the Income-tax Appellate Tribunal and High Court that the respondent-assessee, who supplied cool, filtered, and chilled air through air-conditioning apparatus, qualified as an "industrial company." The respondent was subject to tax rates of 55% and 60% instead of 65%. The Court dismissed the appeals without costs. (Case Citation: 1987 (9) TMI 2 - Supreme Court)