1987 (6) TMI 16

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....er is a private limited company. It is an assessee to income-tax. It is carrying on the business of running a hotel. The respondent is the Revenue. For the assessment year 1979-80, the Income-tax Officer determined the balance taxable income of the petitioner at Rs. 56,700. He levied incometax at the rate of 65% under Paragraph E, clause 2(ii) of the First Schedule to the Finance Act, 1979. The pl....

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.... refer the following question of law for the decision of this court : " Whether, on the facts and in the circumstances of the case, the Income-tax Appellate Tribunal was legally correct in holding that the assessee-company was not an 'industrial company' within the meaning of section 2(7)(c) of the Finance Act, 1979 ?" We heard counsel for the petitioner, Mr. Vellappally, as also counsel for....