TaxTMI 
TaxTMI 
2007 (8) TMI 291
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.... delivered by MADAN B. LOKUR J.-The following question of law has been referred to us by the Income-tax Appellate Tribunal ("the Tribunal") for our opinion under section 256(1) of the Income-tax Act, 1961 ("the Act"), for the assessment years 1978-79 and 1979-80: "Whether, on the facts and in the circumstances of the case, the assessee-company was an 'industrial company' as defined in the Financ....
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....ssee. 4. The assessee preferred an appeal before the Tribunal which also came to the conclusion that the assessee is not entitled to the status of an industrial company as defined in the Finance Act 1978/1979 for the relevant assessment year and, therefore, is not entitled to a concessional rate of tax. 5. Our attention has been drawn to Indian Hotels Co. Ltd. v. ITO [2000] 245 ITR 538 (SC) ; AI....
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.... is manufactured or produced." 6. It was then concluded as follows (page 546): "Therefore, an assessee who is carrying on a trading activity of business of a hotel cannot claim the benefit granted to an industrial undertaking by contending that it also produces foodstuffs or food packets." 7. The Supreme Court was of the view that the processing and cooking of raw food cannot be said to result ....