2000 (12) TMI 44

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....g moved by the Revenue under section 256(1) of the Income-tax Act, 1961 (in short, "the Act"), the following questions have been referred for the opinion of this court by the Income-tax Appellate Tribunal, New Delhi (in short, "the Tribunal"): "1. Whether, on the facts and in the circumstances of the case, the Tribunal was correct in law in holding that the assessee was entitled to development ....

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....f air-conditioning and refrigeration equipment, in the process of which it also carried on the activity of steel casting for the manufacture of compressors for air-conditioning and refrigeration machinery. The assessee claimed that profits arising in respect of the activity of steel casting would be eligible for relief under section 80-I of the Act. It was also claimed that profits in respect of t....

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....several occasions. The apex court had also considered the question relating to manufacture and construction business. CIT v. N. C. Budharaja and Co. [1993] 204 ITR 412, wherein relevant parameters were laid down. This court had also an occasion to deal with the matter in Bhagat Construction Co. Pvt. Ltd. v. CIT [1998] 252 ITR 722. Following the reasons indicated by the apex court in N.C. Budharaja....