1997 (11) TMI 526

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..... pondent : S. S. Shetty JUDGMENT Dr. B. P. Saraf, J. By this reference under section 256(1) of the Income-tax Act, 1961, at the instance of the Revenue, the Income-tax Appellate Tribunal has referred the following question of law to this court for opinion : "Whether, on the facts and in the circumstances of the case, the assessee can be said to be mainly engaged in the business of processing o .....

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..... lause (c) of sub-section (9) of section 2 of the Finance Act, 1976, so far as relevant, reads : "(c) 'industrial company' means a company which is mainly engaged in the business of generation or distribution of electricity or any other form of power or in the construction of ships or in the manufacture or processing of goods or in mining." It is clear from the above definition that a company w .....

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..... view, by printing of manufacturers' names the pharmaceutical capsules cannot be regarded as processed. In fact, the pharmaceutical capsules do not undergo any "process" whatsoever in the course of printing of the manufacturer's name thereon. The capsules remain in the same condition. There is no alteration in the nature and character thereof. Moreover, the expression "processing" appears in the de .....

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