2002 (6) TMI 12

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.... SIRPURKAR J.-The following two questions came to be referred to us at the instance of the assessee: "1. Whether, on the facts and in the circumstances of the appellant's case, the Income-tax Appellate Tribunal was right in law in holding that the appellant could not be considered to be an 'industrial company'? 2. Whether, on the facts and in the circumstances of the appellant's case, the In....

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....d thereby levied tax at the higher rate. The matter was reverted back to the Commissioner of Income-tax (Appeals) for fresh examination and the Commissioner of Income tax (Appeals), on fresh examination of the materials placed before him, came to the same conclusion that the company could not be said to be an industrial company and was not therefore entitled to be taxed at the lower rate. We ha....

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....y must be 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. The Explanation says that a company shall be deemed to be mainly engaged in any of the specified activities, only if the income attributable to any one or more of the specified activities is not l....