1987 (6) TMI 16

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.... 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 plea of the petitioner th....

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....estion 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 the Revenue. It is agreed ....