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SATISH CHANDRA, K. C. AGRAWAL
Farrukhabad Cold Storage (P. ) Ltd. – Appellant
Versus
Commissioner of Income-Tax – Respondent
K.C. Agrawal, J.
1. THE assessee is a private limited company engaged in running cold storages at Farrukhabad, Kamalganj and Allahabad. For the assessment years 1969-70 and 1970-71, the assessee filed income-tax returns and claimed relief under Section 80-1 of the I.T. Act, 1961 (hereinafter described as "the Act"). THE case of the assessee was that as it was engaged in the activity of production of processed seed and, as such, being a "priority industry" within the meaning of Section 80B(7) was entitled to a deduction as provided in Section 80-1 of the Act. THE ITO negatived the claim. In appeal the judgment of the ITO was affirmed by the AAC of Income-tax. THE AAC held that the assessee stored the potatoes belonging to others by maintaining the temperature at 35 degrees. It further found that by trying to preserve the seeds in the same condition in which it was placed, it cannot be said that the assessee was engaged in the production, of processed seeds. THE assessee took up the matter to the Income-fax Appellate Tribunal. THE Appellate Tribunal agreed with the view of the AAC and held that the assessee was not entitled to any relief under Section 80-1. Thereupon, on an ap
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