Industrial company status upheld on factual evidence of studio operations, securing the lower tax rate.

An assessee running a studio was treated as an industrial company because the factual material, including the inspector's spot enquiry report, showed multiple functional divisions and relevant business ies. The Tribunal agreed with the Commissioner (Appeals) on the remand-based record and rejected the Revenue's objection to industrial company status. On that footing, the assessee was entitled to the lower rate of tax for the assessment years under appeal.

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Issues: Whether the assessee was an industrial company entitled to the lower rate of tax for the assessment years under appeal.

Analysis: The assessee's claim was supported by the inspector's spot enquiry report, which detailed the studio's various functional divisions and factual activities. The Tribunal found no reason to differ from the Commissioner (Appeals), whose conclusion was based on the factual material gathered on remand. On the record, the Revenue's objection to the treatment of the assessee as an industrial company was not accepted.

Conclusion: The assessee was held to be an industrial company entitled to the lower tax rate.

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