TaxTMI 
TaxTMI 
1982 (9) TMI 97
X X X X Extracts X X X X
X X X X Extracts X X X X
....b, 1979 of the ITO, Com. Cir V(5) Bombay. 2. The relevant facts in brief leading to this appeal are that the assessee is a company. The previous year for the asst. yr. 1978-79 is ended on 31st December, 1977. The assessee-company was incorporated on 22nd Feb, 1970 and the accounts were closed for the first time on 31st December, 1970. The company filed the return of income for first time for the....
X X X X Extracts X X X X
X X X X Extracts X X X X
....are also provided for by the customer. Thereafter our clients with their technical skill and know how manufacture the concrete block on the site. Machinery and other equipment required to be used for the process have been arranged for by our clients. Labour required is also arranged for by our clients. By the manufacturing process our clients manufacture the concrete block out of the raw materials....
X X X X Extracts X X X X
X X X X Extracts X X X X
..... 3. In appeal the action of the ITO was upheld by the CIT(A) as he agreed with his reasons. Hence he confirmed the order of the ITO. 4. In appeal before us, Shri V.P. Mehta the ld counsel for the assessee contends that the status of the company should be taken as that of the industrial company, and it should be assessed as an industrial company for the year under consideration. On the other h....
X X X X Extracts X X X X
X X X X Extracts X X X X
.... also admitted position that in the previous year relevant for the assessment year under consideration, the work was done for the navy at the site which does not belong to the assessee. Thus from the aforesaid facts, it is more than manifest that the machines used for manufacturing the goods is taken by the assessee on rent and using it for this purpose, the assessee charges more rent from his cus....