1995 (11) TMI 73

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....he case and referred the following question for the opinion of this court: "Whether, on the facts and in the circumstances of the case, the Tribunal was legally correct in holding that the assessee was engaged in a priority industry and was, therefore, entitled to higher rate of development rebate at 35 per cent. ?" The facts, as succinctly stated, are that the assessee purchased a cotton wa....

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....ould not be applied to a cotton waste plant, for it was not a priority industry in terms of item No. 32 of the Fifth Schedule to the Act. The Tribunal rejected the contention of the Revenue and affirmed the view taken by the Appellate Assistant Commissioner following its earlier decision in Income-tax Reference No. 1150/(All.) of 1975-76, dated May 18, 1976. Item No. 32 of the Fifth Schedule in....