https://www.taxtmi.com/caselaws?id=27686 The High Court of BOMBAY considered a case where an assessee company engaged in construction business claimed a lower tax rate of 55% due to its processing of goods. The Revenue challenged this, arguing the company did not qualify as an industrial company because it used goods in its construction work and subcontracted. The Court, focusing on subcontracted work, found the company eligible for the lower tax rate. It reframed the reference question to address subcontracting specifically, concluding the company, despite subcontracting, should be taxed at 55% instead of 65% due to its mixed operational nature. en-us Mon, 03 Oct 1983 00:00:00 +0530 Mon, 15 Feb 2010 13:43:12 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=27686 The High Court of BOMBAY considered a case where an assessee company engaged in construction business claimed a lower tax rate of 55% due to its processing of goods. The Revenue challenged this, arguing the company did not qualify as an industrial company because it used goods in its construction work and subcontracted. The Court, focusing on subcontracted work, found the company eligible for the lower tax rate. It reframed the reference question to address subcontracting specifically, concluding the company, despite subcontracting, should be taxed at 55% instead of 65% due to its mixed operational nature. Case-Laws Income Tax Mon, 03 Oct 1983 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=27686