Law:

Section:

Section 2(7)(c) of the Finance (No. 2) Act, 1977 - Industrial company - Assessee company was deriving income from supervision and commissioning of heaters and erection of gas generation plants, furnaces and also manufactured equipment for those purposes and imparted technical know-how for which services it received design and consultancy fees - Whether since contracts executed by assessee involved processing of goods and could not be treated as trading items it was an industrial company within meaning of section 2(7) (c) - Held, yes Sanjeev Sabharwal and Ms. Rashmi Chopra for the Appellant. JUDGMENT B.C. Patel, CJ. - This reference is placed before the court at the instance of the Revenue where the following question of law is referred to the Court : Whether on the facts and in the circumstances of the case, the assessee company was and 'industrial company' within the meaning of clause (7)(c ) of Chapter 2 of the Finance (No. 2) Act, 1977 ? 2. The assessee is deriving income from supervision and commissioning of heaters and erection of gas generation plants, furnaces and also manufactures equipment for these purposes and imparts technical know-how, for which services it received design and consultancy fees. 3. Against the order of the Assessing Officer, rejecting the…

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