2000 (12) TMI 44

X X   X X   Extracts   X X   X X

→ Full Text of the Document

X X   X X   Extracts   X X   X X

..... Revenue under section 256(1) of the Income-tax Act, 1961 (in short, "the Act"), the following questions have been referred for the opinion of this court by the Income-tax Appellate Tribunal, New Delhi (in short, "the Tribunal"): "1. Whether, on the facts and in the circumstances of the case, the Tribunal was correct in law in holding that the assessee was entitled to development rebate at higher .....

X X   X X   Extracts   X X   X X

→ Full Text of the Document

X X   X X   Extracts   X X   X X

..... refrigeration equipment, in the process of which it also carried on the activity of steel casting for the manufacture of compressors for air-conditioning and refrigeration machinery. The assessee claimed that profits arising in respect of the activity of steel casting would be eligible for relief under section 80-I of the Act. It was also claimed that profits in respect of this activity would be .....

X X   X X   Extracts   X X   X X

→ Full Text of the Document

X X   X X   Extracts   X X   X X

..... court had also considered the question relating to manufacture and construction business. CIT v. N. C. Budharaja and Co. [1993] 204 ITR 412, wherein relevant parameters were laid down. This court had also an occasion to deal with the matter in Bhagat Construction Co. Pvt. Ltd. v. CIT [1998] 252 ITR 722. Following the reasons indicated by the apex court in N.C. Budharaja and Co.'s case [1993] 204 I .....

X X   X X   Extracts   X X   X X

→ Full Text of the Document

X X   X X   Extracts   X X   X X