1978 (1) TMI 2

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....ion to the assessment year 1968-69 by the Income-tax Appellate Tribunal, Madras Bench, reads as follows : "Whether, on the facts and in the circumstances of the case, the Tribunal was right in holding that the profit of Rs. 6,63,658 obtained by the assessee during the relevant previous year by the sale of chemicals imported by it on the strength of the licence issued to it based on its earlier ex....

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....he said Act is in these terms: "'Industrial company' means a company which is mainly engaged in the business of generation or distribution of electricity or any other form of power or in the construction of ships or in the manufacture or processing of goods or in mining. Explanation. -For the purposes of this clause, a company shall be deemed to be mainly engaged in the business of generation or....