Court : Income Tax Appellate Tribunal ITAT West Bengal
..... industrial policy resolution, 1948 dealing with the problem of state participation in industry and the conditions in which private enterprise should be allowed to operate stated that there can be no doubt that the state must play a progressively active role in the development of industries. however under the present ..... to the dispute are as follows: assessee-company derives income from manufacture and sale of batteries, chemicals, pesticides, etc. having its registered office at calcutta and factories and branches located at several places in india. union carbide corporation, usa is its parent company having majority shareholding. for the assessment year ..... these conditions the government decided that the manufacture of arms and ammunition, the production and control of atomic energy and the ownership and management of railway transport would be the exclusive monopoly of the central government. the establishment of new undertakings in coal, iron and steel, aircraft manufacture. ship building .....
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