https://www.taxtmi.com/caselaws?id=58829 The Appellate Tribunal overturned the Commissioner (Appeals) decision and ruled in favor of the department, holding that the assessee did not qualify as an industrial company under the Finance Act. The Tribunal found that the assessee's income from manufacturing activities did not meet the required threshold of 51% of total income, as the assessee primarily earned income from leasing out machinery rather than manufacturing goods. Consequently, the Tribunal set aside the previous decision and directed that the assessee should not be treated as an industrial company for tax purposes. en-us Sat, 30 Jul 1983 00:00:00 +0530 Wed, 22 Dec 2010 14:11:08 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=58829 The Appellate Tribunal overturned the Commissioner (Appeals) decision and ruled in favor of the department, holding that the assessee did not qualify as an industrial company under the Finance Act. The Tribunal found that the assessee's income from manufacturing activities did not meet the required threshold of 51% of total income, as the assessee primarily earned income from leasing out machinery rather than manufacturing goods. Consequently, the Tribunal set aside the previous decision and directed that the assessee should not be treated as an industrial company for tax purposes. Case-Laws Income Tax Sat, 30 Jul 1983 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=58829