https://www.taxtmi.com/caselaws?id=254906 The Bombay High Court ruled in favor of the assessee company, determining that their manufacturing of Electronic Circuit Boards (ECBs) qualifies them as a semi-conductor industry eligible for a higher depreciation rate of 40%. Despite importing most semi-conductor devices, the court considered mounting silicon chips on ECBs as manufacturing semi-conductor devices. Expert opinions and precedent cases supported this interpretation, leading to the dismissal of the Revenue's appeal. The judgment emphasizes the broad interpretation of "manufacture" under the Income Tax Act and affirms the assessee's entitlement to the higher depreciation rate. en-us Thu, 20 Nov 2014 00:00:00 +0530 Sat, 03 Jan 2015 06:52:16 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=254906 The Bombay High Court ruled in favor of the assessee company, determining that their manufacturing of Electronic Circuit Boards (ECBs) qualifies them as a semi-conductor industry eligible for a higher depreciation rate of 40%. Despite importing most semi-conductor devices, the court considered mounting silicon chips on ECBs as manufacturing semi-conductor devices. Expert opinions and precedent cases supported this interpretation, leading to the dismissal of the Revenue's appeal. The judgment emphasizes the broad interpretation of "manufacture" under the Income Tax Act and affirms the assessee's entitlement to the higher depreciation rate. Case-Laws Income Tax Thu, 20 Nov 2014 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=254906