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of <h1>Tax Deduction Eligibility Confirmed for NC Lacquer Manufacturing Process Under Income Tax Act.</h1> The HC of Bombay upheld the Tribunal's decision, confirming that the assessee is eligible for deduction under Section 80 IA/80 IB of the Income Tax Act. ... - Issues involved: Interpretation of eligibility for deduction under Section 80 IA/80 IB of the Income Tax Act based on the manufacturing activity of NC Lacquer.Summary:The High Court of Bombay addressed the question of whether the assessee was entitled to deduction under Section 80 IA/80 IB of the Income Tax Act for being engaged in the manufacture of NC Lacquer. The Tribunal's finding of fact highlighted that the raw materials undergo multiple processes to become a distinct marketable commodity, NC Lacquer, with altered physical and chemical properties. The end-product is different from the original raw materials and is recognized as a separate entity in the market and under Central Excise Law. The Court upheld the Tribunal's decision, emphasizing that the manufacturing process transforms the raw materials into a new product, justifying the eligibility for the deduction. The appeal was dismissed with no costs incurred.
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