https://www.taxtmi.com/caselaws?id=28575 The High Court ruled against the assessee company, holding that its manufacturing of copper wires did not qualify for tax benefits under the Income-tax Act. The Court clarified that for an industry to be considered a priority industry under item No. 7 of the Fifth Schedule, the cables manufactured must be specifically intended for electricity generation and transmission. The Court disagreed with the Tribunal's decision and emphasized the importance of the specific purpose of the manufactured cables in determining eligibility for tax benefits. The judgment favored the Revenue, denying the assessee's claim for tax benefits. en-us Tue, 03 May 1983 00:00:00 +0530 Tue, 23 Feb 2010 17:53:48 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=28575 The High Court ruled against the assessee company, holding that its manufacturing of copper wires did not qualify for tax benefits under the Income-tax Act. The Court clarified that for an industry to be considered a priority industry under item No. 7 of the Fifth Schedule, the cables manufactured must be specifically intended for electricity generation and transmission. The Court disagreed with the Tribunal's decision and emphasized the importance of the specific purpose of the manufactured cables in determining eligibility for tax benefits. The judgment favored the Revenue, denying the assessee's claim for tax benefits. Case-Laws Income Tax Tue, 03 May 1983 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=28575