1994 (10) TMI 50

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....---The main issue involved in these three cases is whether the assessee is entitled to the benefit as an industrial company as defined under section 2(7)(c) of the Finance Act, 1979, which corresponds to section 2(6)(c) of the earlier Finance Act. The contention of Sri P. K. Ravindranatha Menon, senior standing counsel for the Revenue, is that for the assessment year 1978-79, the assessee had got ....

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.... the cashew nuts processed by the petitioner was in other factories owned by others and not in his own factory whether the assessee could get the benefit as an industrial company. Kochu Thommen and Pareed Pillay JJ., held that the fact that the processing was not done in the factory of the assessee, but in the factory of someone else would not necessarily mean that the assessee is not mainly engag....

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....o the decision in Income-tax Reference No. 375 of 1980--CIT v. Rajmohan Cashews (P.) Ltd. [1990] 185 ITR 472, from which we do not find any reason to differ, it has to be held that the fact that a good portion of the processing of the cashew was done in outside factories with the processing charges being paid by the assessee will not take the assessee outside the ambit of the definition of industr....