https://www.taxtmi.com/caselaws?id=37505 Deduction under section 80-I was available for profits from iron bars and rods manufactured from purchased billets because the statutory test focused on manufacture or production of iron and steel articles, not on the source of the raw material. Entry 1 of the Sixth Schedule covered iron and steel, and converting billets into bars and rods was treated as production within the statutory language. Relief could not be denied merely because the billets were procured from outside; the resulting turnover qualified for the deduction. en-us Thu, 16 Mar 1978 00:00:00 +0530 Tue, 30 Mar 2010 12:04:33 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=37505 Deduction under section 80-I was available for profits from iron bars and rods manufactured from purchased billets because the statutory test focused on manufacture or production of iron and steel articles, not on the source of the raw material. Entry 1 of the Sixth Schedule covered iron and steel, and converting billets into bars and rods was treated as production within the statutory language. Relief could not be denied merely because the billets were procured from outside; the resulting turnover qualified for the deduction. Case-Laws Income Tax Thu, 16 Mar 1978 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=37505