1993 (6) TMI 32

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....stion is referred under section 256(1) of the Income-tax Act, 1961, at the behest of the Commissioner of Income-tax, Bombay : "Whether, on the facts and in the circumstances of the case, the Tribunal was justified in law in holding that the assessee is an 'industrial company' as defined in section 2(7)(c) of the Finance Act, 1973 ?" The relevant assessment year is 1973-74. Berry's Hotels Pri....

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....Ltd. [1977] 107 ITR 816, held that, as the various ingredients were subjected to different kinds of processing in the form of mixing, grinding, blending, heating etc., and "processing" as contemplated by the definition was involved in the activity, the assessee could claim the status of an "industrial company". It seems clear to us that the Tribunal's view cannot be sustained since the words us....

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....cessing" used in the definition on the basis of Farrukhabad Cold Storage's case [1977] 107 ITR 816 (All), and, only on that basis, upheld the assessee's contention. In the first place, it may be mentioned that the said decision of the Allahabad High Court has been expressly overruled by the Supreme Court in the case of Delhi Cold Storage P. Ltd. v. CIT [1991] 191 ITR 656. Thus, the very basis for ....