https://www.taxtmi.com/caselaws?id=347724 HC held that the assessee's activity of converting raw 24 carat gold into 22 carat gold ornaments constitutes "manufacturing" for purposes of deduction under s.80-IB of the Income-tax Act. The court reasoned that the essential character of the commodity changes from raw gold to jewellery/ornaments, which are commercially distinct products and cannot be classified as mere raw gold. Accordingly, the assessee was held entitled to deduction under s.80-IB. The HC upheld the ITAT's order and dismissed the revenue's appeal, deciding the matter in favour of the assessee. en-us Thu, 10 Aug 2017 00:00:00 +0530 Tue, 02 Dec 2025 10:40:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=347724 HC held that the assessee's activity of converting raw 24 carat gold into 22 carat gold ornaments constitutes "manufacturing" for purposes of deduction under s.80-IB of the Income-tax Act. The court reasoned that the essential character of the commodity changes from raw gold to jewellery/ornaments, which are commercially distinct products and cannot be classified as mere raw gold. Accordingly, the assessee was held entitled to deduction under s.80-IB. The HC upheld the ITAT's order and dismissed the revenue's appeal, deciding the matter in favour of the assessee. Case-Laws Income Tax Thu, 10 Aug 2017 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=347724