https://www.taxtmi.com/caselaws?id=29496 The High Court of Bombay held that an assessee company engaged in manufacturing pharmaceuticals through a loan-licence agreement qualified as a manufacturing company under the Income-tax Act, 1961. The Court emphasized the company's substantial involvement in the manufacturing process, despite utilizing services from another entity. The Court ruled in favor of the assessee, allowing the appeal and directing the Commissioner to pay the costs of the reference. This decision clarifies that active participation in manufacturing activities, even with external assistance, can entitle a company to benefits under relevant Finance Acts as an industrial company. en-us Tue, 02 Mar 1982 00:00:00 +0530 Sat, 13 Mar 2010 13:08:12 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=29496 The High Court of Bombay held that an assessee company engaged in manufacturing pharmaceuticals through a loan-licence agreement qualified as a manufacturing company under the Income-tax Act, 1961. The Court emphasized the company's substantial involvement in the manufacturing process, despite utilizing services from another entity. The Court ruled in favor of the assessee, allowing the appeal and directing the Commissioner to pay the costs of the reference. This decision clarifies that active participation in manufacturing activities, even with external assistance, can entitle a company to benefits under relevant Finance Acts as an industrial company. Case-Laws Income Tax Tue, 02 Mar 1982 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=29496