Law:

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Section 2(9)(c) of the Finance Act, 1976 - Industrial company - Assessment year 1976-77 - Whether assessee-company engaged in business of constructing buildings was not an industrial under taking within meaning of section 2(9)(c) - Held, yes FACTS The assessee-company, engaged in the business of construction and sale of flats in multi-storeyed commercial buildings, claimed that it was an industrial undertaking within the meaning of section 2(9)(c). This claim was disallowed by the ITO. The Commissioner (Appeals) allowed the assessee's claim. The Tribunal upheld the decision of the Commissioner (Appeals). On reference: HELD In view of the decision of the same High Court in CIT v. Minocha Bros. (P.) Ltd. [1986] 160 ITR 134, wherein it was held that a company engaged in the business of constructing buildings could not be regarded as an industrial company within the meaning of section 2(9)(c), it was to be held in the instant case that the Tribunal was not justified in treating the assessee company as an industrial under taking for the purpose of rate of tax applicable to it. Note: The case was decided in favour of the revenue. Rajendra and R.N. Verma for the Applicant. Amit Sharma for the Respondent. JUDGMENT The judgment of the court was delivered by B.N. Kirpal, J. - The Income-tax Appellate Tribunal has stated the case and referred the following question of law to this court : "Whether, on the facts and in the circumstances of the case, the Income-tax Appellate Tribunal was justified in law in treating the assessee…

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