https://www.taxtmi.com/caselaws?id=11851 The High Court determined that the company, operating a chain of hotels, did not qualify as a trading entity under section 2(7)(g) of the Finance Act, 1986, as it primarily sold its own food products rather than dealing in goods from external sources. The Court clarified that a previous decision on "industrial company" classification was not applicable to the current case. Consequently, the Court upheld the Tribunal's decision, affirming the company's non-trading status and the 55% tax rate, ruling in favor of the assessee and awarding costs of Rs. 500. en-us Tue, 29 Oct 2002 00:00:00 +0530 Wed, 10 Feb 2010 11:13:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=11851 The High Court determined that the company, operating a chain of hotels, did not qualify as a trading entity under section 2(7)(g) of the Finance Act, 1986, as it primarily sold its own food products rather than dealing in goods from external sources. The Court clarified that a previous decision on "industrial company" classification was not applicable to the current case. Consequently, the Court upheld the Tribunal's decision, affirming the company's non-trading status and the 55% tax rate, ruling in favor of the assessee and awarding costs of Rs. 500. Case-Laws Income Tax Tue, 29 Oct 2002 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=11851