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2002 (6) TMI 12 - HC - Income Tax"1. Whether, on the facts and in the circumstances of the appellant's case, the Income-tax Appellate Tribunal was right in law in holding that the appellant could not be considered to be an 'industrial company'? - 2. Whether, on the facts and in the circumstances of the appellant's case, the Income-tax Appellate Tribunal was right in law in holding that the definition of 'industrial company' in section 2(7)(c) of the Finance Act, 1978, did not cover the activities of the appellant for the purpose of determining the rate at which the appellant was liable to income-tax?" The first question is answered against the assessee and in favour of the Revenue and in view of that, it is felt not necessary to answer the second question.
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