https://www.taxtmi.com/caselaws?id=16609 Conversion of purchased ingots into iron plates was treated as manufacture of iron and steel (metal), not merely processing of a finished product. The relevant principle was that goods obtained from ingots or billets in rolling operations remain forms of iron and steel, even if later usable as raw material for other articles. On that basis, the activity fell within item No. 1 of the Fifth Schedule to the Income-tax Act, 1961, and satisfied the statutory condition for the higher development rebate. The assessee was therefore entitled to development rebate at 25 per cent under section 33(1)(b)(B)(i). en-us Wed, 26 Nov 1997 00:00:00 +0530 Tue, 08 Sep 2009 17:39:11 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=16609 Conversion of purchased ingots into iron plates was treated as manufacture of iron and steel (metal), not merely processing of a finished product. The relevant principle was that goods obtained from ingots or billets in rolling operations remain forms of iron and steel, even if later usable as raw material for other articles. On that basis, the activity fell within item No. 1 of the Fifth Schedule to the Income-tax Act, 1961, and satisfied the statutory condition for the higher development rebate. The assessee was therefore entitled to development rebate at 25 per cent under section 33(1)(b)(B)(i). Case-Laws Income Tax Wed, 26 Nov 1997 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=16609