1983 (11) TMI 117

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....or the asst. yr. 1979-80. 2. The ITO while making the assessment for the aforesaid assessment year, treated the assessee as an industrial company. subsequently, on scrutiny of the assessment record, the CIT came to the conclusion that it was not clear from the material brought by the ITO on record as to whether or not the assessee was an industrial company in terms of s. 2(7) (c) of the Finance....

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....ompany. The ld. departmental representative, on the other hand, contended that the details of business activities and the facts and figure requiring to ascertain as to whether the assessee was an industrial company or not has not been looked into by the ITO. He, therefore, submitted that the CIT was justified in invoking the provisions of s. 263 of the Act in the instant case. 4. We have heard ....

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....machinery worth Rs. 5,73,023. On a consideration of the entirety of the circumstances, we have to hold that the assessee was engaged in the manufacture of goods and, therefore, it was an industrial company in terms of s. 2(7)(c) of the Finance Act, 1981. However, it was not possible to ascertain either from the assessment order or from the facts and figures furnished before us by the ld. counsel f....