https://www.taxtmi.com/caselaws?id=9835 The Tribunal held that the assessee qualifies as an industrial company despite leasing out a manufacturing unit, entitling it to a concessional tax rate of 60%. The Tribunal's interpretation of the term "industrial company" under the Finance Act was supported by Circular No. 103, which clarified that companies mainly engaged in manufacturing activities can benefit from concessional rates. The Supreme Court affirmed the binding nature of the circular, emphasizing its role in ensuring fair enforcement of tax laws. The decision favored the assessee, with the reference resolved without costs. en-us Tue, 07 Mar 2006 00:00:00 +0530 Tue, 20 Sep 2011 18:58:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=9835 The Tribunal held that the assessee qualifies as an industrial company despite leasing out a manufacturing unit, entitling it to a concessional tax rate of 60%. The Tribunal's interpretation of the term "industrial company" under the Finance Act was supported by Circular No. 103, which clarified that companies mainly engaged in manufacturing activities can benefit from concessional rates. The Supreme Court affirmed the binding nature of the circular, emphasizing its role in ensuring fair enforcement of tax laws. The decision favored the assessee, with the reference resolved without costs. Case-Laws Income Tax Tue, 07 Mar 2006 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=9835