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TMI Blog1977 (6) TMI 42X X X X Extracts X X X X X X X X Extracts X X X X ..... a cold storage at Hapur. The present appeals are for the asst. yrs. 1972-73, 1973-74 and 1974-75. While framing the assessments for these years the ITO took the assessee to be a non-industrial company and hence assessed the tax payable at the rate of 65 per cent for each of these years. Thereafter the assessee moved petitions on5th Feb., 1974, under s. 154 of the ITO, 1961, for the asst. yrs. 1972 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... r appeal. 2. Shri T.P.S. Tyagi, the assessee s learned counsel submitted firstly that the Allahabad High Court in its decision in the case of Addl. CIT vs. Farrukhabad Cold Storage (P) Ltd (1). had occasion to consider the meaning of the term "processing of goods" occurring in the definition of an "industrial company" in s. 2(7)(d) of the Finance Act 1966 and 1967 and that in the Court s view ru ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... (Potatoes) are stored in refrigeration to prevent decay. The temperature in the cold storage also admittedly is regulated by the use of machinery. In the case of Farrukhabad Cold Storage (P) Ltd (1). noted supra, the facts were the same. The question there was whether the assessee was an industrial company within the meaning of s.2(7)(d) of the Finance Acts 1966 and 1967. The relevant provision wa ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ecision squarely applied to the instant case also because the definition of an "industrial-company" in the Finance Acts relevant for the years 1966-67 and 1967-68 and, secondly, there is also no material difference in facts. 4. But Shri Manjani s point is that it is settled law that where some debate or investigation is necessary the matter is taken out of the purview of s.154. as a general prop ..... X X X X Extracts X X X X X X X X Extracts X X X X
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