https://www.taxtmi.com/caselaws?id=12275 A company qualifies as an industrial company only if it is mainly engaged in a statutorily specified industrial activity, and the explanation applies only where income from such activity is at least 51% of total income. The assessee's work consisted of constructing factory buildings, which did not amount to generation or distribution of electricity, ship construction, manufacture or processing of goods, or mining. The burden to prove industrial company status lay on the assessee, and no material was produced to displace the findings of the lower authorities and the Tribunal. The assessee was therefore not entitled to the concessional tax rate under the Finance Act, 1978. en-us Tue, 11 Jun 2002 00:00:00 +0530 Sat, 20 Feb 2010 16:24:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=12275 A company qualifies as an industrial company only if it is mainly engaged in a statutorily specified industrial activity, and the explanation applies only where income from such activity is at least 51% of total income. The assessee's work consisted of constructing factory buildings, which did not amount to generation or distribution of electricity, ship construction, manufacture or processing of goods, or mining. The burden to prove industrial company status lay on the assessee, and no material was produced to displace the findings of the lower authorities and the Tribunal. The assessee was therefore not entitled to the concessional tax rate under the Finance Act, 1978. Case-Laws Income Tax Tue, 11 Jun 2002 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=12275