1965 (7) TMI 40 - HC - Income Tax

Summary

The judgment relates to the assessment year 1959-60, addressing whether the assessee is entitled to exemption under section 15C for profit earned in a quarry. The High Court held that the process of converting rocks into small stones with machinery constitutes a manufacturing process, qualifying as an industrial undertaking. Therefore, the assessee is entitled to the benefit of section 15C. The reference was answered in favor of the assessee.