( 1 ) BY this Reference the following question of law has been referred for the opinion of this Court by the Income-tax Appellate Tribunal, Delhi Bench "b" (hereinafter called as the Tribunal) :

"whether on the facts and in the circumstances of the case the assessee company running a cold storage could be held to be an Indastrial Company. for purposes of Section 2 (7) (c) of the Finance Act, 1973 and the First Schedule thereto ?"

THE assessee is a company incorporated under the Indian Companies Act. The assessment year is 1973-74. The assessee earned income by running a cold storage. In the course of earlier proceedings before the Income-tax Officer it was claimed that it was an Industrial Company as defined in S. 2 (7) (c) of the Finance Act, 1973 for purposes of the First schedule thereto. Section 2 (7) (c) of the Finance Act, 1973 defines the expression industrial company as under:

"industrial company means a; company which is mainly engaged in the business of generation or distribution of electrity or any other form of power or in the construction of ships or in the manufacture or processing of goods or in mining. "

( 2 ) THE Income-tax Officer for the reasons given in