https://www.taxtmi.com/caselaws?id=23918 The High Court of Punjab and Haryana ruled in favor of the assessee, Ludhiana Steel Rolling Mills, determining that they were entitled to a higher development rebate rate of 25% under the Income-tax Act for manufacturing mild steel products. The court emphasized that the nature of the finished article determines its classification under the relevant schedule, distinguishing between raw materials and finished products in the context of iron and steel. The judgment favored the assessee's interpretation, granting them the higher rebate for specific manufactured items while excluding machinery from the enhanced rate. en-us Wed, 26 Apr 1989 00:00:00 +0530 Fri, 15 Jan 2010 12:30:01 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=23918 The High Court of Punjab and Haryana ruled in favor of the assessee, Ludhiana Steel Rolling Mills, determining that they were entitled to a higher development rebate rate of 25% under the Income-tax Act for manufacturing mild steel products. The court emphasized that the nature of the finished article determines its classification under the relevant schedule, distinguishing between raw materials and finished products in the context of iron and steel. The judgment favored the assessee's interpretation, granting them the higher rebate for specific manufactured items while excluding machinery from the enhanced rate. Case-Laws Income Tax Wed, 26 Apr 1989 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=23918