1983 (11) TMI 117 - AT - Income Tax

Summary

The appeal was against the CIT's order under s. 263 of the IT Act, 1961 for the asst. yr. 1979-80. The CIT set aside the assessment as it was not clear if the assessee was an industrial company. The ITAT upheld the CIT's order, stating that the assessee was engaged in manufacturing goods but fresh assessment was needed to determine if income from manufacturing activities was at least 51% of total income. The appeal was allowed.