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<h1>Construction business denied tax exemption under Income-tax Act for not constituting 'manufacture or processing of goods.'</h1> <h3>Commissioner Of Income-Tax Versus Jolly And Maker Private Limited</h3> The High Court of Bombay held that the assessee's construction business does not qualify for tax exemption under section 104(4)(a) of the Income-tax Act, ... Exemption From Additional Tax, Manufacture Or Processing Of Goods, Substantially Interested The High Court of Bombay ruled that the assessee's business of constructing buildings does not fall under 'manufacture or processing of goods' for tax exemption under section 104(4)(a) of the Income-tax Act, 1961. The court cited previous cases to support its decision and ruled in favor of the Revenue.