1987 (6) TMI 16

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..... rrying on the business of running a hotel. The respondent is the Revenue. For the assessment year 1979-80, the Income-tax Officer determined the balance taxable income of the petitioner at Rs. 56,700. He levied incometax at the rate of 65% under Paragraph E, clause 2(ii) of the First Schedule to the Finance Act, 1979. The plea of the petitioner that they could be taxed only at the lower rate of 55 .....

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..... Whether, on the facts and in the circumstances of the case, the Income-tax Appellate Tribunal was legally correct in holding that the assessee-company was not an 'industrial company' within the meaning of section 2(7)(c) of the Finance Act, 1979 ?" We heard counsel for the petitioner, Mr. Vellappally, as also counsel for the Revenue. It is agreed that the Division Bench decision of this court in .....

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