TMI Blog1993 (6) TMI 32X X X X Extracts X X X X X X X X Extracts X X X X ..... st of the Commissioner of Income-tax, Bombay : "Whether, on the facts and in the circumstances of the case, the Tribunal was justified in law in holding that the assessee is an 'industrial company' as defined in section 2(7)(c) of the Finance Act, 1973 ?" The relevant assessment year is 1973-74. Berry's Hotels Private Ltd., Bombay-the assessee-is a new company, incorporated on September 4, 197 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... different kinds of processing in the form of mixing, grinding, blending, heating etc., and "processing" as contemplated by the definition was involved in the activity, the assessee could claim the status of an "industrial company". It seems clear to us that the Tribunal's view cannot be sustained since the words used in the definition will have to be interpreted contextually always keeping the p ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 7] 107 ITR 816 (All), and, only on that basis, upheld the assessee's contention. In the first place, it may be mentioned that the said decision of the Allahabad High Court has been expressly overruled by the Supreme Court in the case of Delhi Cold Storage P. Ltd. v. CIT [1991] 191 ITR 656. Thus, the very basis for the Tribunal's view no more exists. But that factor is not, decisive of the matter. ..... X X X X Extracts X X X X X X X X Extracts X X X X
|
