https://www.taxtmi.com/caselaws?id=194509 Section 80IB deduction eligibility depends on whether the activity constitutes manufacture. Conversion of 24K gold into 22K gold by adding copper and silver, followed by transformation into ornaments, was treated as manufacture because it produces a new and distinct article with different characteristics. Applying statutory meaning and prior decisions on gold ornament production, the Tribunal upheld the finding that the taxpayer carried on manufacturing activity and qualified for the deduction. The Revenue's challenge to deletion of the disallowance was dismissed. en-us Thu, 10 Dec 2015 00:00:00 +0530 Mon, 11 Sep 2017 21:37:07 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=194509 Section 80IB deduction eligibility depends on whether the activity constitutes manufacture. Conversion of 24K gold into 22K gold by adding copper and silver, followed by transformation into ornaments, was treated as manufacture because it produces a new and distinct article with different characteristics. Applying statutory meaning and prior decisions on gold ornament production, the Tribunal upheld the finding that the taxpayer carried on manufacturing activity and qualified for the deduction. The Revenue's challenge to deletion of the disallowance was dismissed. Case-Laws Income Tax Thu, 10 Dec 2015 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=194509