K. C. Lahoti ( 1 ) THE following question has been referred for the opinion of the High Court at the instance of the Revenue, referable to the assessment year, 1979- 80: "whether, on the facts and in the circumstances of the case, the Tribunal was right in holding that the assessee be declared an industrial company within the meaning of Section 2 (7) (c) of the Finance Act, 1979 and thus the concessional rate of tax should have been levied"? ( 2 ) THE assessee is a limited Company engaged in the construction and sale of commercial flats in multi-storey buildings. It claimed to be an industrial Company liable to concessional rate of taxation in accordance with the provisions of the Finance Act, 1979. The Income-tax Officer held the assessee Company not to be an industrial Company. The assessee filed an appeal. The CIT (Appeals) reversed the finding of the ITO and held the assessee Company to be an industrial Company though engaged in the business of civil construction work. The view of CIT (Appeals) has been upheld by the ITO. ( 3 ) SUBSEQUENT to the decision of the Tribunal we have available the law laid down by the Supreme Court in CIT v. N. C. Budhiraja and Co. , 1993 204 ITR 412, and Builders Association of India v. Union of India, 209 ITR 877 and a decision by Delhi High Court in CIT v. Minocha Brothers Pvt. Limited, 1980160 ITR 134. The decision of Delhi High Court in Minocha Brothers Pvt. Limited s case has been upheld by the Supreme Court in Minocha Brothers Pvt. Ltd. v. CIT, 1993 204 ITR 628, though on different grounds. However, their Lordships have not overruled or expressed disagreement with any of the views expressed by Delhi High Court. Some of the : above said decisions have been referred to in a recent decision of the Delhi High Court in Bhagata Construction Pvt. Ltd. v. CIT. 1997 (VI) A. D. (Delhi) 1072. It was the so as to be consumed in the process of building activity. Some of the : above said decisions have been referred to in a recent decision of the Delhi High Court in Bhagata Construction Pvt. Ltd. v. CIT. 1997 (VI) A. D. (Delhi) 1072. It was the so as to be consumed in the process of building activity. It was held that the end product was the test and inasmuch as the product of such manufacturing activity (i. e. , extracting minerals) would not result in production of final goods by the assessee but the product of such activity would be consumed by the assessee in its building work so the assessee would not be a producer but only a consumer. The building activity was held not to be a manufacturing activity. ( 4 ) IN view of the law laid down in the decisions referred to here in above the question is answered in the negative, i. e. in favour of the Revenue and against the assessee. Reference answered infavour of Revenue. so as to be consumed in the process of building activity. It was held that the end product was the test and inasmuch as the product of such manufacturing activity (i. e. , extracting minerals) would not result in production of final goods by the assessee but the product of such activity would be consumed by the assessee in its building work so the assessee would not be a producer but only a consumer. The building activity was held not to be a manufacturing activity. ( 4 ) IN view of the law laid down in the decisions referred to here in above the question is answered in the negative, i. e. in favour of the Revenue and against the assessee.