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of <h1>Circular Defines 'Industrial Company' Under Finance Act 1966: Key Criteria and Income Thresholds Explained in Section 2(7)(d.</h1> Circular No. 103, dated February 17, 1973, addresses the definition of an 'industrial company' under the Finance Act, 1966, specifically section 2(7)(d). It clarifies that an industrial company is one primarily engaged in generating or distributing electricity, constructing ships, manufacturing or processing goods, or mining. According to the explanation, a company qualifies if at least 51% of its income in the previous year is from these activities. The circular further advises that a company can be considered industrial even if less than 51% of its income is from these activities, provided it is mainly engaged in them.
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