2008 (5) TMI 144 - HC - Income Tax

Whether on the facts and in the circumstances of the case the Income-Tax Appellate Tribunal was right in law in holding that the assessee be treated as an Industrial Company u/s 2(8)(C) and that the tax be charged at low rate applicable to an Industrial Company Held yes AO was not justified in rejecting the assessee s claim and charging tax at a higher rate of 65% - question of law as referred by the Tribunal is answered against the revenue

Summary

The Punjab and Haryana High Court ruled against the revenue in a tax case regarding the classification of the assessee as an "Industrial Company." The court referred to a previous case where a similar question was decided in favor of the assessee. The reference application was disposed of accordingly.