https://www.taxtmi.com/caselaws?id=312030 The HC of Bombay upheld the Tribunal's decision, confirming that the assessee is eligible for deduction under Section 80 IA/80 IB of the Income Tax Act. The Court agreed that the manufacturing process of NC Lacquer involves significant transformation of raw materials into a distinct marketable commodity with new physical and chemical properties, recognized separately in the market and under Central Excise Law. Consequently, the appeal was dismissed without costs. en-us Mon, 21 Feb 2011 00:00:00 +0530 Mon, 29 Jan 2024 10:43:59 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=312030 The HC of Bombay upheld the Tribunal's decision, confirming that the assessee is eligible for deduction under Section 80 IA/80 IB of the Income Tax Act. The Court agreed that the manufacturing process of NC Lacquer involves significant transformation of raw materials into a distinct marketable commodity with new physical and chemical properties, recognized separately in the market and under Central Excise Law. Consequently, the appeal was dismissed without costs. Case-Laws Income Tax Mon, 21 Feb 2011 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=312030