1999 (1) TMI 528

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.... both on facts and in law in holding that the activities carried on by the Appellant company did not entitle it to the status of industrial company?" Facts found are that the assessee is a private limited company engaged in the business of construction. It's claim that it was liable to be assessed at concessional rate for the assessment year 1981-82 on the ground that it was an industria....

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....mpany and was not entitled to be taxed at the concessional rate because it had failed to adduce material to establish that the income attributable to the manufacturing activity undertaken by it represented not less than 51% of its total income. On the facts stated, the question referred otherwise is fully covered by the decision of the Supreme Court in Commissioner of Income Tax v. N.C. Budhiraja....