- (1.) At the instance of the Revenue, the following questions relating to Assessment Years 1980-81 to 1984-85 were referred for the opinion of the High Court under Section 256(2) of the Income Tax Act: "(1) Whether, on the facts and in the circumstances of the case, the Tribunal is right in law and fact in holding that the assessee is an industrial company eligible to be taxed only at the rate of 55% (1)(a) Whether processing of marine products for export would make the assessee an industrial company (2) Whether, on the facts and in the circumstances of the case, the Tribunal is right in law and fact in holding that it cannot be said that the issue involved herein is a debatable issue and on that basis there was no mistake on the face of the record and the findings are not wrong, unreasonable and illogical -
(2.) The High Court by the Judgement and order under appeal answered Questions (1) and (1)(a) in the affirmative, that is, in favour of the assessee and against the Revenue. The second question was returned unanswered.
(3.) In these appeals, we are not concerned with the second question and in relation thereto, learned counsel for the Revenue did not make any submission. The Tribunal, while answering the aforesaid questions in favour of the assessee, has relied upon the decisions of the Kerala High Court in CIT V/s. Marwell Sea Foods and CIT V/s. Relish Foods.;