C.S.P. Singh, J.

1. THE Income-tax Appellate Tribunal, "A" Bench, Allahabad, has, at the instance of the Commissioner, referred the following question for our opinion :

"Whether, on the facts and in the circumstances of the case, the Appellate Tribunal was legally correct in holding that the assessee-company was an "industrial company" within the meaning of Section 2(7)(d) of the Finance Acts of 1966 and 1967 and was, therefore, entitled to concessional rate of taxation ? "

2. THE reference relates to the financial years relevant to the assessment years 1966-67 and 1967-68. In these years, the assessee, which is a private limited company, was running three cold storages, two at Farrukhabad and Kamalganj in the district of Farrukhabad and the other at Allahabad. The Income-tax Officer assessed the company on its income at the rate of 65 per cent. An appeal was then preferred by the assessee. It was contended that the assessee was an industrial company within the meaning of Section 2(7)(d) of the Finance Acts of 1966 and 1967 and, therefore, its income was taxable at the concessional rate of 55 per cent. only. The Appellate Assistant Commissioner of Income-tax held that the ac