( 1 ) THIS is a reference under Section 256 (1) of the I. T. Act, 1961. The Tribunal has referred the following question to this court: "whether, on the facts and in the circumstances of the case, the assessee is an 'industrial company' in terms of Clause 2 (7) (c) of the Finance Act, 1978?"

( 2 ) THE assessment year involved is 1978-79, for which the previous year ended 30th April, 1978. The assessee in this year, as in the past, carried on the business of purchasing tea of different qualities in auction, blending the same by mixing one type of tea with another and then selling the tea so blended in packets. It appears that the assessee in the course of its assessment had claimed that by carrying on the above business it was an "industrial company" in terms of Section 2 (7) (c) of the Finance Act, 1978, and so it was entitled to the concessional rate of tax allowed to such a company. In order to appreciate the contentions, it would be necessary to refer to the relevant sections of the Finance Act of the year 1978. The Finance Act provides the definition as follows': "'industrial company' means a company which is mainly engaged in the business of generation