https://www.taxtmi.com/caselaws?id=365948 The High Court determined that Ready Mix Concrete (RMC) production constitutes "manufacture," entitling the appellant to additional depreciation for machinery under Section 32(1)(iia). The Court held that RMC is a manufactured product due to its sophisticated manufacturing process. It clarified that the appellant, even primarily engaged in construction, could claim additional depreciation for machinery used in RMC production. However, the qualification of transit mixers and trucks for additional depreciation was remanded for further review by the Tribunal. The Income Tax Appeal was partly allowed, with each party bearing its own costs. en-us Tue, 19 Dec 2017 00:00:00 +0530 Sat, 25 Aug 2018 10:05:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=365948 The High Court determined that Ready Mix Concrete (RMC) production constitutes "manufacture," entitling the appellant to additional depreciation for machinery under Section 32(1)(iia). The Court held that RMC is a manufactured product due to its sophisticated manufacturing process. It clarified that the appellant, even primarily engaged in construction, could claim additional depreciation for machinery used in RMC production. However, the qualification of transit mixers and trucks for additional depreciation was remanded for further review by the Tribunal. The Income Tax Appeal was partly allowed, with each party bearing its own costs. Case-Laws Income Tax Tue, 19 Dec 2017 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=365948