https://www.taxtmi.com/caselaws?id=251476 The High Court held that the process of drawing wire of thinner gauge from wire or rods of thicker gauge, followed by finishing processes like annealing, constituted 'manufacture' or 'production' under Section 80IC of the Income Tax Act. The court found that the processes resulted in a new product with distinct commercial identity and use, making the assessees eligible for deductions. The court distinguished the case from a previous judgment and emphasized the transformative nature of the processes undertaken by the assessees. Consequently, the court dismissed the appeals and upheld the eligibility of the assessees for the claimed deductions. en-us Wed, 10 Sep 2014 00:00:00 +0530 Mon, 15 Sep 2014 10:03:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=251476 The High Court held that the process of drawing wire of thinner gauge from wire or rods of thicker gauge, followed by finishing processes like annealing, constituted 'manufacture' or 'production' under Section 80IC of the Income Tax Act. The court found that the processes resulted in a new product with distinct commercial identity and use, making the assessees eligible for deductions. The court distinguished the case from a previous judgment and emphasized the transformative nature of the processes undertaken by the assessees. Consequently, the court dismissed the appeals and upheld the eligibility of the assessees for the claimed deductions. Case-Laws Income Tax Wed, 10 Sep 2014 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=251476