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2004 (7) TMI 71 - HC - Income Tax"Whether the assessee company was an 'industrial company' within the meaning of clause 8(c) of Chapter 2 of the Finance Act, 1977?" - Commissioner of Income-tax (Appeals) arrived at a conclusion "that the operation and activities performed by the assessee with regard to nearly all its contracts really amounted to manufacture and/or processing of goods and it involved process of manufacture/production of commercially different articles out of the raw materials." - Commissioner of Income-tax (Appeals) held that the assessee was an industrial company. - this finding of fact has been affirmed by the Tribunal that the assessee was involved in processing or manufacturing of goods and was, therefore, an industrial company. - The contracts executed by the assessee involved processing of goods and could not be treated as trading items. In view of this finding of fact, we have to answer against the Revenue and in favour of the assessee.
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