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2009 (8) TMI 819 - HC - Income TaxIndustrial company - assessee took the plea that its income from shares exceeding 51 per cent being from the shares of a company which was engaged in the manufacture, the assessee should be treated as an "industrial company" for which the rate of tax was lower than for a non-industrial company - Held that:- company is deemed to be an 'industrial company' if its income from manufacture is more than 50 per cent. - share income cannot be treated as equal to income of a partner or a manufacturer. The assessee cannot, thus, be held to be an industrial company. - [CIT v. Bharat Ram Charat Ram P. Ltd. (1984 -TMI - 27004 - DELHI High Court)] - Decided in favour of the Revenue and against the assessee.
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