9911796707
TMI Blog1977 (6) TMI 42X X X X Extracts X X X X X X X X Extracts X X X X ..... ed company engaged in the business of running a cold storage at Hapur. The present appeals are for the asst. yrs. 1972-73, 1973-74 and 1974-75. While framing the assessments for these years the ITO took the assessee to be a non-industrial company and hence assessed the tax payable at the rate of 65 per cent for each of these years. Thereafter the assessee moved petitions on5th Feb., 1974, under s. ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ve assessment years. The assessee is in further appeal. 2. Shri T.P.S. Tyagi, the assessee's learned counsel submitted firstly that the Allahabad High Court in its decision in the case of Addl. CIT vs. Farrukhabad Cold Storage (P) Ltd (1). had occasion to consider the meaning of the term "processing of goods" occurring in the definition of an "industrial company" in s. 2(7)(d) of the Finance Act ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... assessee runs a cold storage wherein goods (Potatoes) are stored in refrigeration to prevent decay. The temperature in the cold storage also admittedly is regulated by the use of machinery. In the case of Farrukhabad Cold Storage (P) Ltd (1). noted supra, the facts were the same. The question there was whether the assessee was an industrial company within the meaning of s.2(7)(d) of the Finance A ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... n ground before us that the ratio of this decision squarely applied to the instant case also because the definition of an "industrial-company" in the Finance Acts relevant for the years 1966-67 and 1967-68 and, secondly, there is also no material difference in facts. 4. But Shri Manjani's point is that it is settled law that where some debate or investigation is necessary the matter is taken out ..... X X X X Extracts X X X X X X X X Extracts X X X X
|
