1993 (9) TMI 9

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....see [1986] 160 ITR 134) is whether the appellant is an "industrial company" within the meaning of the said expression as defined in the Finance Acts of 1971 and 1972. The definition reads as follows : "'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 manu....

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....e assessee claimed that, being an industrial company within the meaning of the said Finance Acts, it is entitled to the lower rate of tax. The Income-tax Officer and the Appellate Assistant Commissioner rejected the claim but the Tribunal agreed with the appellant. On reference, at the instance of the Revenue, the High Court has held that the assessee is not an "industrial company". A reading o....

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....erial to establish that the income attributable to the manufacturing activity undertaken by him represents not less than 51 per cent. Of its total income. We repeatedly asked learned counsel for the appellant as to whether the appellant has adduced any material in this case to establish the said circumstance. He could not point to any such material-except stating that the Tribunal and the High Cou....

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....ity or any other form of power or in the construction of ships or in the manufacture or processing of goods or in mining, even if its income from such activities is less than 51 per cent. of its total income ; and (ii) a company which, even though not mainly so engaged, derives in any year 51 per cent. or more of its total income from such activities. " It may, however, be noted that constructi....