https://www.taxtmi.com/caselaws?id=294182 The Tribunal allowed the appeal, determining that compressing natural gas into Compressed Natural Gas (CNG) constitutes "manufacture" under Section 32(1)(iia) of the Income Tax Act. Consequently, the additional depreciation claim was granted, and penalty proceedings under Section 271(1)(c) were dropped. The decision relied on the precedent established by the High Court of Allahabad, recognizing the conversion of natural gas into CNG as a manufacturing process. en-us Tue, 05 Jan 2021 00:00:00 +0530 Thu, 25 Mar 2021 09:30:11 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=294182 The Tribunal allowed the appeal, determining that compressing natural gas into Compressed Natural Gas (CNG) constitutes "manufacture" under Section 32(1)(iia) of the Income Tax Act. Consequently, the additional depreciation claim was granted, and penalty proceedings under Section 271(1)(c) were dropped. The decision relied on the precedent established by the High Court of Allahabad, recognizing the conversion of natural gas into CNG as a manufacturing process. Case-Laws Income Tax Tue, 05 Jan 2021 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=294182