https://www.taxtmi.com/caselaws?id=64924 Assembly of purchased components into diesel generating sets with a distinct commercial identity was treated as manufacture or production, so the assessee qualified as an industrial undertaking and was entitled to concessional tax treatment, section 80-I relief and investment allowance. A bona fide change in the method of valuing closing stock from cost to the lower of cost or market price, consistently followed thereafter, was also accepted; the Revenue did not show any lack of bona fides, and the addition on this account was deleted. en-us Tue, 21 Feb 1989 00:00:00 +0530 Fri, 11 Feb 2011 12:04:20 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=64924 Assembly of purchased components into diesel generating sets with a distinct commercial identity was treated as manufacture or production, so the assessee qualified as an industrial undertaking and was entitled to concessional tax treatment, section 80-I relief and investment allowance. A bona fide change in the method of valuing closing stock from cost to the lower of cost or market price, consistently followed thereafter, was also accepted; the Revenue did not show any lack of bona fides, and the addition on this account was deleted. Case-Laws Income Tax Tue, 21 Feb 1989 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=64924