2001 (7) TMI 51

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....d for the opinion of this court by the Income-tax Appellate Tribunal, Delhi Bench (in short, "the Tribunal"), under section 256(1) of the Income-tax Act, 1961 (in short, the 'Act"): "1. Whether, on the facts and in the circumstances of the case, the Tribunal is justified in holding that the assessee-company is an industrial company as defined in section 2(7)(c) of the Finance Act, 1979, and if ....

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....at the view expressed by the Tribunal in other cases on which the assessee placed reliance was not accepted and the decision of this court in National Projects Contruction Corporation Ltd. v. CWT [1969] 74 ITR 465, was not applicable to the facts of the case. The Income-tax Officer refused to recognise the assessee as an industrial company, but allowed investment allowance under section 32A. Subse....

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..... Being moved for reference, the questions set out above have been referred for the opinion of this court. Learned counsel for the Revenue placed reliance on a decision of this court in Bhagat Construction Co. P. Ltd. v. CIT [1998] 232 ITR 722, in the assessee's own case for 1985-86 and submitted that the views of the Commissioner of Income-tax (Appeals) and the Tribunal cannot be maintained. L....

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.... with reference to certain observations made by the Commissioner of Income-tax (Appeals) and the Tribunal claimed that there was a positive finding in this regard. We find that the Commissioner of Income-tax (Appeals) and the Tribunal referred to some profits which were held to be relatable to manufacturing activities in terms of the decision in N. C. Budharaja's case which was decided by the Oris....