https://www.taxtmi.com/caselaws?id=19444 The High Court determined that a company engaged in cutting and polishing raw diamonds for export qualifies as an "industrial company" under the Finance Act, 1975. The court held that these activities amount to processing of goods, meeting the Act's definition. However, the company must ensure that income from such processing activities is at least 51% of the total income to qualify fully. The case outcome favored the company, potentially categorizing it as an "industrial company" pending verification of the income criteria by the Tribunal, with no costs awarded. en-us Tue, 15 Nov 1994 00:00:00 +0530 Fri, 06 Nov 2009 12:13:17 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=19444 The High Court determined that a company engaged in cutting and polishing raw diamonds for export qualifies as an "industrial company" under the Finance Act, 1975. The court held that these activities amount to processing of goods, meeting the Act's definition. However, the company must ensure that income from such processing activities is at least 51% of the total income to qualify fully. The case outcome favored the company, potentially categorizing it as an "industrial company" pending verification of the income criteria by the Tribunal, with no costs awarded. Case-Laws Income Tax Tue, 15 Nov 1994 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=19444