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2009 (8) TMI 8

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..... essee must itself be engaged in manufacturing activity of the nature specified in the definition and mere holding of shares of an industrial company, was not enough to declare an investment company to be an ‘industrial company’. Disposed off in favor of revenue. - 20 of 1997 - Dated:- 10-8-2009 - ADARSH KUMAR GOEL and DAYA CHAUDHARY, JJ. Mr. Krishan Mehta, Sr. Standing Counsel for the applicant. M .....

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..... High Court decision and this office order in Freeman Sales (P) Ltd. it is held that what is to be decided is the percentage of income from various sources. No doubt the assessee company is not manufacturing anything but it has invested in the manufacturing process and being partner in the firm is a criteria to determine the source of income and which determines it is a non-trading and non-investme .....

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..... company , the assessee must itself be engaged in manufacturing activity of the nature specified in the definition and mere holding of shares of an industrial company, was not enough to declare an investment company to be an industrial company . The reference was made by the Tribunal on account of pendency of the reference in the above case, as is clear from paras 5 and 7 of the statement of this c .....

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