COMMISSIONER OF INCOME TAX Vs. ORICON PVT LIMITED

JUDGEMENT

(1.) THE assessee before us is Oricon Pvt. Ltd., Bombay, a private limited company engaged in construction work and executing building repairs. It also undertakes painting jobs. The question referred to us by the Tribunal under S. 256(1) of the IT Act, 1961, reads as under :

(2.) OUR attention was drawn by Shri Patil, appearing for the respondent assessee, to a decision given in the assessee's own case and reported in CIT vs. Oricon (P.) Ltd. (1984) 38 CTR (Bom) 212 : (1985) 151 ITR 296 (Bom). When we gave that decision [in (1985) 151 ITR 296], we made it clear that the question then referred to us pertained to one narrow aspect of the matter and not the entire or larger aspect. This will be clear from the observations made in the said judgment at pp. 297, 298 and 299 of the report.

(3.) INDEED , in the very decision, we had observed that if the matter had been at large before us or, in other words, if the larger question, viz., whether the assessee company could be regarded or held to be an industrial company or not, was before the High Court, we would have answered it against the assessee following the view expressed by the Division Benches earlier in CIT vs. N. U. C. Pvt. Ltd. (1980) 126 ITR 377 (Bom) and CIT vs. Shah Construction Co. Ltd. (1982) 30 CTR (Bom) 245 : (1983) 142 ITR 696 (Bom). A brief reference may be made to the aforesaid two decisions.