1997 (11) TMI 526

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....in, P. S. Jetley For the Respondent : S. S. Shetty JUDGMENT Dr. B. P. Saraf, J. By this reference under section 256(1) of the Income-tax Act, 1961, at the instance of the Revenue, the Income-tax Appellate Tribunal has referred the following question of law to this court for opinion : "Whether, on the facts and in the circumstances of the case, the assessee can be said to be ma....

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....e Revenue. "Industrial company" as defined in clause (c) of sub-section (9) of section 2 of the Finance Act, 1976, so far as relevant, reads : "(c) '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 construction of ships or in the manufacture or processing of goods or in mining." ....

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....ty cannot be regarded as an "industrial company". In our view, by printing of manufacturers' names the pharmaceutical capsules cannot be regarded as processed. In fact, the pharmaceutical capsules do not undergo any "process" whatsoever in the course of printing of the manufacturer's name thereon. The capsules remain in the same condition. There is no alteration in the nature and character thereof....