https://www.taxtmi.com/caselaws?id=241545 The Madras High Court interpreted the term 'manufacture' under Section 10B of the Income Tax Act in a case involving a private limited company engaged in cutting and polishing granite slabs for export. Despite the initial rejection by the Assessing Officer, both the Commissioner of Income Tax (Appeals) and the Income Tax Appellate Tribunal ruled in favor of the assessee, considering cutting and polishing as manufacturing activities. The court emphasized that the processing activities leading to the creation of new articles qualified as manufacturing, upholding the tax exemption claim under Section 10B. The Revenue's appeals were dismissed, affirming the assessee's position. en-us Tue, 19 Nov 2013 00:00:00 +0530 Thu, 26 Dec 2013 07:49:28 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=241545 The Madras High Court interpreted the term 'manufacture' under Section 10B of the Income Tax Act in a case involving a private limited company engaged in cutting and polishing granite slabs for export. Despite the initial rejection by the Assessing Officer, both the Commissioner of Income Tax (Appeals) and the Income Tax Appellate Tribunal ruled in favor of the assessee, considering cutting and polishing as manufacturing activities. The court emphasized that the processing activities leading to the creation of new articles qualified as manufacturing, upholding the tax exemption claim under Section 10B. The Revenue's appeals were dismissed, affirming the assessee's position. Case-Laws Income Tax Tue, 19 Nov 2013 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=241545