https://www.taxtmi.com/caselaws?id=241050 The Tribunal dismissed the appeal, affirming that the assessee-firm's cutting and polishing of diamonds does not qualify as manufacturing or production of a new article or thing. Consequently, the firm was deemed ineligible for additional depreciation under Section 32 of the Income Tax Act. The Tribunal upheld the decision based on the Supreme Court precedent in CIT vs. Gem India Manufacturing, emphasizing the importance of following directly applicable judgments. en-us Fri, 22 Nov 2013 00:00:00 +0530 Mon, 16 Dec 2013 16:32:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=241050 The Tribunal dismissed the appeal, affirming that the assessee-firm's cutting and polishing of diamonds does not qualify as manufacturing or production of a new article or thing. Consequently, the firm was deemed ineligible for additional depreciation under Section 32 of the Income Tax Act. The Tribunal upheld the decision based on the Supreme Court precedent in CIT vs. Gem India Manufacturing, emphasizing the importance of following directly applicable judgments. Case-Laws Income Tax Fri, 22 Nov 2013 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=241050