https://www.taxtmi.com/caselaws?id=5436 A company qualified as an "industrial company" under the Finance Acts of 1971 and 1972 only if it was mainly engaged in a specified industrial activity, with the Explanation deeming that condition satisfied only where income from those activities formed at least 51% of total income before Chapter VI-A deductions. The assessee carried on building construction and manufactured some materials for use in that work, but it did not produce material showing that manufacturing income met the 51% statutory threshold. A circular could not help because construction of buildings was not among the specified activities. The concession therefore was unavailable. en-us Wed, 08 Sep 1993 00:00:00 +0530 Mon, 24 Nov 2008 00:00:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=5436 A company qualified as an "industrial company" under the Finance Acts of 1971 and 1972 only if it was mainly engaged in a specified industrial activity, with the Explanation deeming that condition satisfied only where income from those activities formed at least 51% of total income before Chapter VI-A deductions. The assessee carried on building construction and manufactured some materials for use in that work, but it did not produce material showing that manufacturing income met the 51% statutory threshold. A circular could not help because construction of buildings was not among the specified activities. The concession therefore was unavailable. Case-Laws Income Tax Wed, 08 Sep 1993 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=5436