https://www.taxtmi.com/caselaws?id=24084 Profit from sale of imported chemicals acquired through import entitlements linked to earlier export performance was not treated as income attributable to manufacturing or processing activity under section 2(6)(d) of the Finance Act, 1968. The relevant test under the Explanation is whether income from the specified industrial activities forms at least 51% of total income for the previous year. Because the principal income arose from trading in imported chemicals rather than the assessee's leather manufacturing business, the industrial activity threshold was not met. On those facts, the assessee was not regarded as an industrial company. en-us Mon, 30 Jan 1978 00:00:00 +0530 Sat, 16 Jan 2010 15:27:38 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=24084 Profit from sale of imported chemicals acquired through import entitlements linked to earlier export performance was not treated as income attributable to manufacturing or processing activity under section 2(6)(d) of the Finance Act, 1968. The relevant test under the Explanation is whether income from the specified industrial activities forms at least 51% of total income for the previous year. Because the principal income arose from trading in imported chemicals rather than the assessee's leather manufacturing business, the industrial activity threshold was not met. On those facts, the assessee was not regarded as an industrial company. Case-Laws Income Tax Mon, 30 Jan 1978 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=24084