Industrial company definition requires specified-activity income to be majority before Chapter VIA deductions for concessional tax entitlement. An industrial company qualifies for a concessional tax rate if income from specified activities (power generation, ship construction, manufacture/processing, or mining) is at least 51% of total income measured before any deductions under Chapter VIA. The Board has directed that the majority-income test must be applied to pre-deduction total income, correcting instances where officers had applied the test after Chapter VIA deductions.
Cases where this provision is explicitly mentioned in the judgment/order text; may not be exhaustive. To view the complete list of cases mentioning this section, Click here.
Provisions expressly mentioned in the judgment/order text.
Industrial company definition requires specified-activity income to be majority before Chapter VIA deductions for concessional tax entitlement.
An industrial company qualifies for a concessional tax rate if income from specified activities (power generation, ship construction, manufacture/processing, or mining) is at least 51% of total income measured before any deductions under Chapter VIA. The Board has directed that the majority-income test must be applied to pre-deduction total income, correcting instances where officers had applied the test after Chapter VIA deductions.
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