https://www.taxtmi.com/caselaws?id=25891 The High Court determined that running a lodging house qualifies as an "industrial undertaking" for the purpose of section 54D of the Income-tax Act. The court held that the assessee is entitled to tax exemption on the capital gains used to construct the lodging house, contrary to the findings of the Appellate Tribunal. The court emphasized interpreting statutory terms broadly and rejected the argument that industrial undertakings must involve manufacturing. The decision favored the assessee, ruling against the Revenue, and directed each party to bear their own costs. en-us Mon, 16 Feb 1987 00:00:00 +0530 Mon, 01 Feb 2010 14:44:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=25891 The High Court determined that running a lodging house qualifies as an "industrial undertaking" for the purpose of section 54D of the Income-tax Act. The court held that the assessee is entitled to tax exemption on the capital gains used to construct the lodging house, contrary to the findings of the Appellate Tribunal. The court emphasized interpreting statutory terms broadly and rejected the argument that industrial undertakings must involve manufacturing. The decision favored the assessee, ruling against the Revenue, and directed each party to bear their own costs. Case-Laws Income Tax Mon, 16 Feb 1987 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=25891