https://www.taxtmi.com/caselaws?id=69146 The Tribunal held that for the assessment year 1976-77, the profit under section 41(2) should be treated as income from the business of manufacturing rubber products, qualifying the assessee as an industrial company entitled to a concessional tax rate. Therefore, the Tribunal directed the Assessing Officer to levy tax at the concessional rate for that year. However, for the assessment year 1977-78, where the income mainly comprised lease rent, the Tribunal upheld the higher tax rate, directing the Assessing Officer to apply the correct rate of tax based on the income composition for that year. en-us Fri, 30 Jun 2000 00:00:00 +0530 Mon, 13 Jun 2011 17:24:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=69146 The Tribunal held that for the assessment year 1976-77, the profit under section 41(2) should be treated as income from the business of manufacturing rubber products, qualifying the assessee as an industrial company entitled to a concessional tax rate. Therefore, the Tribunal directed the Assessing Officer to levy tax at the concessional rate for that year. However, for the assessment year 1977-78, where the income mainly comprised lease rent, the Tribunal upheld the higher tax rate, directing the Assessing Officer to apply the correct rate of tax based on the income composition for that year. Case-Laws Income Tax Fri, 30 Jun 2000 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=69146