https://www.taxtmi.com/caselaws?id=5337 SC held that a company operating a cold storage is not an "industrial company" within the meaning of section 2(7)(c) of the Finance Act, 1973 and the First Schedule thereto. Interpreting "processing" in its commercial sense, the Court ruled that processing requires an operation that brings about a change in the goods, resulting in a different substance from what existed at the commencement of the process. Mere preservation of goods at controlled temperature without transforming their identity or character does not constitute processing. Consequently, the assessee-company was denied the concessional treatment available to industrial companies, and the appeal was dismissed, affirming the HC's view. en-us Wed, 14 Aug 1991 00:00:00 +0530 Mon, 08 Dec 2025 17:01:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=5337 SC held that a company operating a cold storage is not an "industrial company" within the meaning of section 2(7)(c) of the Finance Act, 1973 and the First Schedule thereto. Interpreting "processing" in its commercial sense, the Court ruled that processing requires an operation that brings about a change in the goods, resulting in a different substance from what existed at the commencement of the process. Mere preservation of goods at controlled temperature without transforming their identity or character does not constitute processing. Consequently, the assessee-company was denied the concessional treatment available to industrial companies, and the appeal was dismissed, affirming the HC's view. Case-Laws Income Tax Wed, 14 Aug 1991 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=5337