1976 (12) TMI 58

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....g goods and liable to pay income-tax as an industrial undertaking on its total income at the rate of 55 per cent. under Paragraph F of the First Schedule to the Finance Act, 1968 ? " The assessee is the printer and publisher of a fortnightly journal known as Sales Tax Cases. The printing of the journal was done in the press known as " S.T.C. Press " till it was sold on July 16, 1966, to a proprietary concern known as " Techniprint ". The assessee got the printing work done from the said proprietary concern. Under Paragraph F of the First Schedule to the Finance Act, 1968, the rates of income-tax in the case of companies are set out. The relevant provision runs as follows : " In the case of a company, other than the Life Insurance Corp....

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....he nature of the business conducted by the assessee. The Appellate Assistant Commissioner, therefore, submitted the report and thereafter the Appellate Tribunal disposed of the appeal finally. The Tribunal held that the assessee was entitled to the benefit of the rate of tax at 55 per cent. under Paragraph F of the First Schedule to the Finance Act, 1968. It is this order of the Tribunal which is challenged in the question that has been extracted already. At this stage, it is necessary to point out that the question as framed by the Tribunal does not bring down the real controversy. As pointed out already, the expression " industrial company " as defined by section 2(6)(d) of the Finance Act, 1968, refers to "manufacture" or " processing....