9911796707
TMI Blog1983 (5) TMI 28X X X X Extracts X X X X X X X X Extracts X X X X ..... -67 to 1971-72, as an answer to the following two questions referred to us, first one in Nos. 59 and 60 and the second in Nos. 61 to 64, depends upon the interpretation of item No. 7 of the Fifth Schedule of the Income-tax Act : "1. Whether, on the facts and in the circumstances of the case, the assessee company was entitled to the benefits conferred by the provisions of sections 33(1)(iii)(c)(a ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... The stand of the assessee was that since the copper and aluminium wires manufactured by it were covered by the word, " cables " so this industry was entitled to the benefits available to the priority industry. The Tribunal upheld the claim of the assessee on two grounds. Firstly, that the particular descriptive nature of the cables, or the uses to which it is to be put by the purchaser, is not a ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... provided in it that the equipment will include transformers, cables and transmission towers, yet, these cables, etc., would be covered by this item only if they are meant for generation and transmission of electricity and not otherwise. The learned counsel for the respondent, however, urged that the very fact that the item manufactured is a cable would qualify the industry to be termed as a prio ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... d by the said item No. 7. The second reason given by the Tribunal, that the decision relating to the earlier assessment year 1965-66 would bind the parties as no fresh facts had come into existence, is equally unsustainable. It was specifically urged before the Tribunal that, in the earlier years, the ITO had not dealt with this issue and the AAC refused to entertain the ground with the result t ..... X X X X Extracts X X X X X X X X Extracts X X X X
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