- (1.) - Special leave granted.
(2.) The judgment of the High Court of Delhi is challenged by the assessee in this appeal. Assessee is a private limited company running a cold storage. The year of assessment is 1973-74. An 'industrial company' as defined in S. 2(7)(c) of Finance Act, 1973 for the purposes of the First Schedule of that Act was entitled to certain concessions in the matter of taxation. The appellant laid claim to such benefits by contending that it came within the meaning of 'industrial company'. The question that was referred by the Incometax Appellate Tribunal to the High Court was: "Whether on the facts and in the circumstances of the case the assessee company running a cold storage could be held to be an industrial company for purposes of S. 2(7)(c) of the Finance Act, 1973 and the First Schedule thereto -
(3.) The Income-tax Officer had not accepted the claim of the appellant but the Appellate Assistant Commissioner conceded the claim and directed remission of the proceedings to the Income-tax Officer for recomputation of the tax by treating the appellant as an 'industrial company'. The Tribunal accepted the appeal of the Revenue and held that the appellant was not an 'industrial company'. The High Court has approved the conclusions reached by the Tribunal.;