2008 (5) TMI 146 - HC - Income Tax

Whether 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 AO was not justified in rejecting the assessee s claim and charging tax at a higher rate of 65% - in view of decision of this court in case of Bhagyoday Investment Pvt. Ltd. impugned order of tribunal require no interference - revenue appeal dismissed

Summary

The Punjab and Haryana High Court judgment in 2008 (5) TMI 146 involved a dispute between the revenue and the assessee regarding the classification of the assessee as an "Industrial Company" for tax purposes. The Court ruled in favor of the assessee based on a similar precedent, disposing of the reference application accordingly.