https://www.taxtmi.com/caselaws?id=22567 The High Court of Allahabad ruled against the assessee, a private limited company manufacturing M. S. rods, in a case concerning the interpretation of the term "iron and steel (metal)" under section 33 of the Income-tax Act. The court held that the term referred to raw materials of iron and steel in their primary form, excluding finished products like M. S. rods. Despite conflicting interpretations from other High Courts, the Allahabad High Court aligned with the legislative intent and denied the assessee's claim for a higher development rebate rate, upholding the Revenue's decision. en-us Fri, 15 Feb 1991 00:00:00 +0530 Fri, 11 Dec 2009 12:00:38 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=22567 The High Court of Allahabad ruled against the assessee, a private limited company manufacturing M. S. rods, in a case concerning the interpretation of the term "iron and steel (metal)" under section 33 of the Income-tax Act. The court held that the term referred to raw materials of iron and steel in their primary form, excluding finished products like M. S. rods. Despite conflicting interpretations from other High Courts, the Allahabad High Court aligned with the legislative intent and denied the assessee's claim for a higher development rebate rate, upholding the Revenue's decision. Case-Laws Income Tax Fri, 15 Feb 1991 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=22567