JUDGMENT
1. In this income-tax reference, following question has been referred for our opinion :
1. In this income-tax reference, following question has been referred for our opinion :
"Whether, on the facts and in the circumstances of the case, the Income Tax Appellate Tribunal was legally correct in holding that the assessee firm was an Industrial Undertaking and was, therefore, entitled to relief under sections 80HH, 80J and 32A of the Income Tax Act, 1961 ?"
2. There is full agreement at the bar that the case is squarely covered by the judgment of Honble Supreme Court in CIT v. N.C. Budharaja & Co. (1993) 204 ITR 412 (SC), wherein it has been held that the assessee was not entitled to the benefit provided under sections 80HH, 80J and 32A of the Income Tax Act, 1961 because the activity of the construction of a dam could not be characterized as manufacture or production of an article or articles within the meaning of section 80HH(2)(i).
2. There is full agreement at the bar that the case is squarely covered by the judgment of Honble Supreme Court in CIT v. N.C. Budharaja & Co. (1993) 204 ITR 412 (SC), wherein it has been held that the assessee was not entitled to the benefit provided under sections 80HH, 80J and 32A of the Income Tax Act, 1961 because the activity of the construction of a dam could not be characterized as manufacture or production of an article or articles within the meaning of section 80HH(2)(i).
3. Thus, in view of the above, it is answered in negative, i.e., in favour of the revenue and against the assessee.
3. Thus, in view of the above, it is answered in negative, i.e., in favour of the revenue and against the assessee.
4. Shri. A.N. Mahajan appeared for the revenue and Shri V. Gulati for the assessee.
4. Shri. A.N. Mahajan appeared for the revenue and Shri V. Gulati for the assessee.