TaxTMI 
TaxTMI 
2009 (8) TMI 819
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....mpany and that the tax be charged at low rate applicable to an industrial company ?" 2. The assessee-company derives income from dealing in shares, inter alia, of M/s. Munjal Castings, which is engaged in manufacture and processing of goods. The assessee took the plea that its income from shares exceeding 51 per cent. being from the shares of a company which was engaged in the manufacture, the assessee should be treated as an "industrial company" for which the rate of tax was lower than for a non-industrial company. The Assessing Officer did not accept this plea. On appeal of the assessee, it was argued that the Assessing Officer had wrongly charged tax at rate applicable to a non-industrial company. The Revenue contested this plea ....
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....cord with him and he stands by the statement made by the Departmental representative before the Commissioner of Income-tax (Appeals) that the assessee was not engaged in the business of generation or otherwise so as to fall within the definition under section 2(8)(c) of the Finance Act, 1984, or the Explanation appended thereto. 5. The definition of "industrial company" in the above provision is as under (see [1984] 147 ITR (St.) 35 at 39) : " 'industrial company' means a company which is mainly engaged in the business of generation or distribution of electricity or any other form of power or in the carriage by road or inland waterways, of passengers or goods or in the construction of ships or in the execution of projects or....
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.... assessee. The same is extracted below : "I have no objection to the entertainment of the additional ground of appeal in case the assessee is able to convince your honour as to why this ground of appeal could not be taken up in the original memo of appeal. However, on the merits the assessee has no case since the present company cannot be considered to be an industrial company in view of the definition of the industrial company given in the Finance Act for the year under consideration. The assessee-company is not engaged in the business of generation or distribution of electricity or any other form of power or in the carriage of passengers or goods or in the manufacture or processing of goods or in mining. Simply because the assesse....