https://www.taxtmi.com/caselaws?id=59987 Purchase of raw materials, manufacturing charges, excise duty payments, machinery possession, and the prior-year finding of manufacturing activity established that the assessee carried on manufacture of goods and was an industrial company under section 2(7)(c) of the Finance Act, 1981. However, the record did not permit a finding on whether income from manufacturing was at least 51 per cent of total income, a material statutory condition for the concessional status. On that basis, the Commissioner was justified in invoking section 263 of the Income-tax Act, 1961 and directing fresh assessment for further enquiry. en-us Mon, 21 Nov 1983 00:00:00 +0530 Sun, 06 Feb 2011 03:17:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=59987 Purchase of raw materials, manufacturing charges, excise duty payments, machinery possession, and the prior-year finding of manufacturing activity established that the assessee carried on manufacture of goods and was an industrial company under section 2(7)(c) of the Finance Act, 1981. However, the record did not permit a finding on whether income from manufacturing was at least 51 per cent of total income, a material statutory condition for the concessional status. On that basis, the Commissioner was justified in invoking section 263 of the Income-tax Act, 1961 and directing fresh assessment for further enquiry. Case-Laws Income Tax Mon, 21 Nov 1983 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=59987