TMI Blog1992 (11) TMI 73X X X X Extracts X X X X X X X X Extracts X X X X ..... T.R. No. 175 of 1982, in respect of the assessment year 1979-80. While in the former reference the question of law referred is as follows : " Whether, on the facts and in the circumstances of the case, the Tribunal is correct in holding that the assessee is an 'industrial company' within the meaning of section 2(7)(c) of the Finance (No. 2) Act, 1977, and hence, assessable to tax at 55 per cent. ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... e of 65 per cent. The assessee filed an appeal to the Appellate Assistant Commissioner and contended that it was an industrial company and, therefore, tax should have been levied on its income at the rate of 55 per cent. The Appellate Assistant Commissioner did not accept this contention. A second appeal was filed to the Tribunal and the same contention was reiterated. The Income-tax Appellate T ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... on 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. The aforesaid provision came up for consideration before a Division Bench of this court in the case of CIT (Additional) v. Kalsi Tyre (P.) Ltd. [1981] 131 ITR 636. In that case, the assessee was carrying on the business of retreading tyres. A question arose as t ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... e and while the process may not be equivalent to the manufacture of a new tyre, nevertheless, it amounted to processing of goods. Applying the aforesaid principle to the present case, it is clear that the assessee, after purchase of moulds from Plycast P. Ltd., reshaped them and, after polishing the same sold them to other parties. The original shape of the moulds was obviously not retained just ..... X X X X Extracts X X X X X X X X Extracts X X X X
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