1991 (2) TMI 63

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....s in question ? (2) Whether, on the facts and in the circumstances of the case, the Appellate Tribunal was justified in treating the assessee as an 'industrial company' in respect of the assessment year under consideration and directing the Income-tax Officer to tax it accordingly ?" The relevant assessment year is 1973-74. Before the question as to whether the assessee-company is liable to be considered as an industrial company or not is considered, it is necessary to set out the material and relevant facts. Some of the relevant facts are as under: (a) The assessee manufactures pharmaceutical goods. The assessee started manufacturing the various pharmaceutical goods of its own with manufacturing plant and machinery owned by it at its ow....

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....he Tribunal in the case pertaining to the assessment year 1973-74, the Income-tax Appellate Tribunal relied upon its judgment in the appeal of the same assessee pertaining to the earlier year. Learned counsel for the assessee has, therefore, filed a copy of the judgment of the Tribunal dated September 30, 1972, in respect of the appeals filed by the Department in the proceedings pertaining to earlier years. By consent, and we have taken the said copy of the judgment on record. In our judgment, the answer to this question is squarely covered by the judgment of our High Court in the case of CIT v.. Neo Pharma Private Ltd. [1982] 137 ITR 879. In this case, it was held that although the plant and machinery employed for the purpose of manufactu....